Airport Development and Investment, Ferrovial's consortium, could concentrate on airport operator's UK assets in the wake of its £10bn takeover.
Ferrovial could concentrate on BAA's UK airports and sell off other parts of the business in the wake of its £10bn takeover.
Airport Development and Investment (ADI), Ferrovial's consortium, moved to soothe investors' fears by pledging to maximize BAA's operational and financial efficiency, while also focusing on security, safety, good airline and passenger service and environmental issues.
ADI said it planned to undertake a thorough review of BAA's other assets when it has access to detailed information, but it plans to keep together and to focus on BAA's UK airports.
It also pledged to meet BAA's current huge investment programme by making available extra funds. "ADI has ensured that financing will be available to undertake the published capital expenditure programme of BAA in the UK. To assist in this process, ADI has arranged a
£2bn capital expenditure facility which is capable of being drawn for a five-year period.
"Should this funding source be fully utilised, ADI is confident it will be able to raise additional capital expenditure facilities to assist in funding further investment," it said.
Ferrovial also stated that it had developed a new financing plan for the redevelopment of Stansted. "In ADI's view, consultation with stakeholders in general, and users in particular, is of fundamental importance in developing new capacity … ADI believes that this plan, together with its fresh approach to stakeholder consultation, will allow BAA to meet the needs of all stakeholders within the current regulatory framework."
It hinted that it might be keen to sell off non-UK assets: "ADI is willing to make such commitments in relation to BAA's Australian airport interests as will ensure compliance with the Australian Airports Act. The proceeds of any sale of BAA's non UK airport assets will primarily be used to repay acquisition debt."
ADI thinks it can make efficiencies to BAA, which owns Heathrow, Gatwick, Stansted, Aberdeen, Edinburgh, Glasgow and Southampton airports.
It said: "ADI believes users will benefit materially from its commitment to cost-efficient and market demand driven investment, financing and operational efficiency and its focus on the UK airports. In particular, ADI believes that there are a number of possible ways to improve BAA's business which could deliver significant benefits to users in the medium to long-term."
This could mean "reducing overheads, outsourcing certain functions where appropriate and improving procurement practices" - likely to be of interest to construction firms bidding for future work.
It added: "ADI believes that, historically, BAA has not focused sufficiently on ensuring all possible efficiencies are realised for the benefit of users."