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Ryanair expresses interest in Stansted as BAA puts it up for sale Ryanair expresses interest in Stansted as BAA puts it up for sale
(40 minutes later)
BAA has put Stansted airport up for sale in a move that could see Ryanair taking a stake in its biggest British base.BAA has put Stansted airport up for sale in a move that could see Ryanair taking a stake in its biggest British base.
Britain's largest airport group announced on Monday that it is ending a protracted legal battle over the sale of the Essex airport, which had been ordered by the Competition Commission in 2009 but had been hotly contested by its owner ever since. BAA said it would not challenge a recent loss in the Court of Appeal over the commission ruling and will sell the airport. Stansted is valued at just over £1.3bn according to a formula used by the Civil Aviation Authority, the industry regulator, to calculate landing charges at the airport. However, some industry observers view £1bn as a par bid for the asset. Britain's largest airport group announced on Monday that it is ending a protracted legal battle over the sale of the Essex airport, which had been ordered by the Competition Commission in 2009 but had been hotly contested by its owner ever since. BAA said it would not challenge a recent loss in the court of appeal over the commission ruling and will sell the airport. Stansted is valued at just over £1.3bn according to a formula used by the Civil Aviation Authority, the industry regulator, to calculate landing charges at the airport. However, some industry observers view £1bn as a par bid for the asset.
"Having carefully considered the Court of Appeal's recent ruling, BAA has decided not to appeal to the Supreme Court and is now proceeding with the sale of Stansted Airport," said BAA. A spokesman for Ryanair, which operates 41 airplanes from the airport, said the carrier would be interested in a deal. Last month Howard Millar, Ryanair's deputy chief executive, said the airline has been approached by potential buyers with the view to joining a consortium bid. He said: "We have met these consortia and they want us to be an anchor tenant." Last year Stansted posted an operating profit of £39.4m, compared with £526.8m at Heathrow. "Having carefully considered the court of appeal's recent ruling, BAA has decided not to appeal to the supreme court and is now proceeding with the sale of Stansted Airport," said BAA. A spokesman for Ryanair, which operates 41 planes from the airport, said the carrier would be interested in a deal. Last month Howard Millar, Ryanair's deputy chief executive, said the airline has been approached by potential buyers with the view to joining a consortium bid. He said: "We have met these consortia and they want us to be an anchor tenant." Last year Stansted posted an operating profit of £39.4m, compared with £526.8m at Heathrow.
A spokesman for Ryanair said on Monday that if the airline did not take a stake it would also be interested in giving long-term assurances to bidders over its commitment to the airport. Ryanair and its biggest Stansted rival, easyJet, have been pulling capacity out of the airport over the past five years, reflecting their displeasure over rising landing fees. The Ryanair spokesman said the airline would be interested in returning the airport to pre-boom levels of use, when it handled 24 million passengers a year compared with 18 million now. "There is huge growth potential there and we would be very interested in discussing the future of Stansted with any groups looking at a potential purpose."A spokesman for Ryanair said on Monday that if the airline did not take a stake it would also be interested in giving long-term assurances to bidders over its commitment to the airport. Ryanair and its biggest Stansted rival, easyJet, have been pulling capacity out of the airport over the past five years, reflecting their displeasure over rising landing fees. The Ryanair spokesman said the airline would be interested in returning the airport to pre-boom levels of use, when it handled 24 million passengers a year compared with 18 million now. "There is huge growth potential there and we would be very interested in discussing the future of Stansted with any groups looking at a potential purpose."
Stansted is now Britain's fourth largest airport, having slipped behind Manchester, which carried 18.8 million passengers last year - 760,000 more than Stansted. The Essex airport will be BAA's third major disposal following the sale of Gatwick in 2009 and the disposal of Edinburgh Airport in 2012. Both times the airports were acquired by Global Infrastructure Partners, a New York-based investment group, but it is believed that GIP is not interested in bidding. As the owner of London's City airport, it is also likely that any offer would face watchdog scrutiny. As well as Ryanair other potential bidders include Manchester Airports Group and South Korea's Incheon. Stansted is now Britain's fourth largest airport, having slipped behind Manchester, which carried 18.8 million passengers last year – 760,000 more than Stansted. The Essex airport will be BAA's third major disposal following the sale of Gatwick in 2009 and the disposal of Edinburgh Airport in 2012. Both times the airports were acquired by Global Infrastructure Partners, a New York-based investment group, but it is believed that GIP is not interested in bidding this time. As the owner of London's City airport, it is also likely that any offer would face watchdog scrutiny. As well as Ryanair other potential bidders include Manchester Airports Group and South Korea's Incheon.
Last week BAA's biggest shareholder, Spanish conglomerate Ferrovial, announced an agreement to sell 10% of BAA to Qatar's sovereign wealth fund in a transaction that would give Qatar Holding a 20% stake in BAA's parent company.Last week BAA's biggest shareholder, Spanish conglomerate Ferrovial, announced an agreement to sell 10% of BAA to Qatar's sovereign wealth fund in a transaction that would give Qatar Holding a 20% stake in BAA's parent company.