Spanish Ferrovial, ACS, OHL and FCC go shopping in Europe

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It was already rumoured in last November that Spain’s firm Ferrovial was interested in acquiring from Heathrow Airport Holdings, of which currently holds a 25% stake, at least one of the airports of Aberdeen, Glasgow or Southampton through a separate financial vehicle. The offer presented now would reach €800 million and involve control stakes in the three airports.

The goal of this Ferrovial’s move would be to maintain its exposure to British airport sector, which will get reduced if the holding HAH would finally decide to sell these infrastructures.

“The price currently considered is worth thirteen times all annual airports’ Ebitda. If the Spanish company makes the purchase at the end, it should negotiate their debt refinancing which reaches €437,2 million and whose maturity extends as far out as 2015,” Sabadell’s analysts say in Madrid.

Furthermore, Glasgow, Aberdeen and Southampton’s airports operate with their own independent brands at present time. “Given that Heathrow contributes with more than yearly 95% Ebitda of the parent company, any eventual sale of the other non-regulated airports would have little or no impact on Heathrow’s rating”, experts at Santander add.

Ferrovial’s Board of Administration has not taken a formal decision yet to sell assets, so that they could finally go back on their intention.

On the other hand, other three Spanish construction companies ACS, OHL and FCC are to bid for Fehmarn tunnel, a work valued at €5,500 million, which will join Germany to Denmark by means of a submarine pipe 20 kilometres long.

FCC, OHL and ACS, this last via German Hochtief, alongside their respective consortiums, will fight for obtaining one of the most important European project in next years.

The tender for the project has been divided into five packages, of which four have been already launched. Therefore, the three Spanish firms have been pre-qualified for the building of the tunnel’s northern stage as well as the southern. Furthermore, OHL and ACS also might undertake the entrance ramps, while German Hotchtief would bid for dredging and land fill’s works. These four contracts would represent the overall investment’s biggest part.

Hochtief has joined this time with the companies Ed Züblin, Boskalis International MT Højgaard and Volker Construction. OHL will participate by Daewoo, Daelim and Aecom, while FCC will do it hand in hand with N V Besix and Jan De Nul (this last is one of Sacyr’s partner in Panama Canal’s expansion).

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