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Last Updated: Friday, 21 April 2006, 06:33 GMT 07:33 UK
BAA asks for shareholder loyalty
Aircraft taking off at Edinburgh Airport
BAA is attracting much bid interest
Airports group BAA has again reiterated its opposition to a hostile takeover bid by Spanish firm Ferrovial.

Responding to the publication of Ferrovial's offer document, BAA again called for its shareholders to ignore the 8.75bn approach.

BAA chairman Marcus Agius said Ferrovial's offer was "no more than a tactical manoeuvre".

The UK's largest airports operator, BAA has also rejected an approach led by US investment bank Goldman Sachs.

BAA said that it would now be writing to its shareholders within the next 14 days to explain in greater detail its reasons for recommending rejection of the offer from the Ferrovial Consortium.

"The Ferrovial Consortium's offer cannot be taken seriously," said Mr Agius.

"It is no more than a tactical manoeuvre and our shareholders should have nothing to do with it."

BAA runs seven UK airports, including Heathrow, Gatwick and Stansted.

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