Court loss sparks sale of Stansted
Source: Bloomberg News |
August 21, 2012, Tuesday
|
Print Edition
Print Edition
LONDON Heathrow airport-owner BAA Ltd says it will sell the UK capital's Stansted terminal after losing its latest court action against a forced breakup of its assets ordered by antitrust regulators.
BAA is now proceeding with the sale of Stansted, but in a statement it added that it still believed the UK's Competition Commission failed to recognize that Stansted and Heathrow serve different markets.
The decision to sell comes days after Qatar Holding LLC, the investment arm of the Middle East country's sovereign-wealth fund, agreed to pay 900 million pounds (US$1.4 billion) for a 20 percent stake in BAA.
Possible bidders for Stansted include South Korea's Incheon International Airport Corp and Manchester Airports Group.
Stansted is the main base for Ryanair, Europe's largest discount airline.
BAA is now proceeding with the sale of Stansted, but in a statement it added that it still believed the UK's Competition Commission failed to recognize that Stansted and Heathrow serve different markets.
The decision to sell comes days after Qatar Holding LLC, the investment arm of the Middle East country's sovereign-wealth fund, agreed to pay 900 million pounds (US$1.4 billion) for a 20 percent stake in BAA.
Possible bidders for Stansted include South Korea's Incheon International Airport Corp and Manchester Airports Group.
Stansted is the main base for Ryanair, Europe's largest discount airline.
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