Ferrovial agrees to sell Bristol and Sydney airports to investment bank Macquarie if BAA takeover is successful.

Ferrovial has appointed Australian investment bank Macquarie to advise on its planned takeover of BAA.

The two have also agreed that if Ferrovial's bid is successful, the Spanish group will sell its interests in Bristol and Sydney airports to Macquarie's airport investment fund Macquarie Airports.

Macquarie will advise the Ferrovial consortium on the bid alongside its existing adviser, Citigroup Global Markets.

Ferrovial currently owns a 21% stake in Sydney Airport, worth around £400m, and a 50% interest in Bristol Airport worth around £106m.

News of the appointment follows reports on Sunday that Macquarie was leading a second consortium with US private equity giants KKR and Blackstone.