Press: Ferrovial scales down Stansted expansion

Ferrovial SA’s bidding consortium is planning radical cuts to BAA Group PLC’s GBP2.7 billion expansion of Stansted airportThis move could cut its upfront investment requirements by more than GBP1 billion, The Business newspaper reported on Sunday.

The group’s acquisition vehicle, Airport Development and Investment (ADI), has informed the U.K.‘s Department for Transport and the Civil Aviation Authority, BAA’s regulator, of its alternative plan, The Business says.

In its offer document to BAA shareholders, Ferrovial says: “An alternative capital expenditure plan, already flagged to the CAA and the DfT, has been developed by ADI for Stansted. ADI believes that this plan, together with its fresh approach to stakeholder consultation, will allow BAA to meet the needs of all stakeholders within the current regulatory framework.”