BAA: GIP Gatwick bid lapses, bit it could submit another
19.05.09
BAA said today there were no restrictions preventing Global Infrastructure Partners (GIP) from placing a new bid for Gatwick Airport, after their original offer for was reported to have lapsed Sunday. The bid was reported to be between £1.3bn - £1.4bn, with some suggestions that it was rejected by BAA as being too low.
GIP, which owns London City Airport, is made up of General Electric (GE) and Credit Suisse Group. A spokesman for BAA said it had not received a new offer from the consortium, and added that no timeframe had been placed on allowing a renewed bid from GIP, if they were still interested in Gatwick.
After the Citibank / Vancouver Airport backed bid was rejected by BAA last week, the only other consortium known to be bidding for the airport comprises Manchester Airports Group, Borealis Infrastructure and the Greater Manchester Pension Fund.
BAA said yesterday it planned to appeal the Competition Commission's ruling that it must sell three airports by spring 2011 because it did not take account of the ‘adverse financial impact’ of divesting assets in a recession. It also claims bias from the Commission.
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