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Ferrovial (BBB): Macquarie Pass on Heathrow

TRANSPORTATION

Likely neutral for Heathrow. Potential medium-term negative for Ferrovial, who intend to reinvest proceeds in North America.


• The Telegraph reports that Macquarie has ruled out buying a stake in Heathrow.

• Ferrovial has already agreed to sell its 25%, but another 35% exercising tag-along rights needs to be taken out.

• They also report that Abu Dhabi are out of the running.

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