Ferrovial? Si!

Remember two months ago, when lawmakers in the US fell into an uproar over a proposed deal to transfer control of several US ports to a company based in Dubai? Well, Britain is now going through something similar, as BAA -- the world's biggest airports operator -- was on the precipice Tuesday of falling into the hands of Spanish construction group Ferrovial.

BAA owns seven airports in Britain -- including London's Heathrow, Gatwick and Stansted (above right) -- and it has given its blessing to the takeover bid, in which Ferrovial will spend almost $20 billion to take over several of Britain's largest airports.

That's not nearly the scandal the bungled Dubai ports deal was... but the move has raised hackles among British investors, who are wondering why the group's directors rejected a higher offer from US-based Goldman-Sachs to take over BAA.

According to the Financial Times, the American investment bank was "finally outmaneuvered" by the "pace and decisiveness" of the Spanish bidding team.

Investors are also fretting over a possible investigation by Britain's Office of Fair Trading that could potentially lead to the break-up of BAA's London airport monopoly... which could make BAA much less appealing to ANY investors, period.

Ferrovial said Tuesday, however, that its Airport Development and Investment (ADI) group planned to maintain BAA's portfolio of British airports, no matter what.

"ADI's aim is to maximize BAA's operational and financial efficiency, whilst also focusing on security, safety, good airline and passenger service and environmental issues," the company said in a prepared statement.

FMI: www.ferrovial.es/index.asp, www.baa.com