MAG wants trustee to oversee Gatwick sale
25.09.08
Manchester Airports Group (MAG) has 'raised the pressure' on BAA by urging the Competition Commission to appoint an independent trustee to oversee any sale of Gatwick, the Guardian reports.
MAG is reported to have asked the commission to appoint a ‘divestiture trustee’ who would oversee the disposal of assets, including Gatwick, to ensure a fair sale. It is concerned that BAA will sell the airport to a sovereign wealth fund or private equity firm rather than a rival in an attempt to protect its remaining businesses from competition.
The Commission, which is due to make its final decision on BAA by March next year, asked parties last month whether a disposal trustee should be appointed. BAA is to tell the Commission that a trustee will put off potential bidders and send a negative signal to foreign investors, who might be concerned about the re-sale value of assets.
A BAA spokesman told the newspaper that the group expected an unhindered sale process. He said: ‘Ultimately, we expect the market will determine who buys the airport and we will not provide a running commentary on the views of individual bidders as they put forward their case.’ He added that BAA is giving the commission regular updates on the sale process.
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