TIMELINE - Key dates in the history of Ferrovial's BAA

(Reuters) - Spain's Ferrovial is expected to have to sell two of its three London airports after a tougher-than-expected ruling from the Competition Commission on Wednesday. Following are key dates in the history of Ferrovial airports unit BAA:

1965 - The British Airports Authority (BAA) is established following the introduction of the Airports Authority Bill aimed at making airports more flexible and profitable.

1966 - BAA assumes ownership and responsibility for Heathrow, Gatwick, Stansted and Prestwick airports.

1971 - Between 1971 and 1975 the BAA acquires Edinburgh, Aberdeen and Glasgow airports.

1986 - The Airports Act is passed, dissolving the Authority and passing all its property, rights and liabilities to a new company, the British Airports Authority (BAA).

1987 - BAA is floated on the stock market with a capitalisation of 1.23 billion pounds

1990 - BAA acquires Southampton Airport.

1992 - BAA sells Prestwick Airport.

2005 - BAA acquires Budapest airport.