Government asked for BAA finances probe
LONDON (Reuters) - Britain asked investment bank Merrill Lynch to investigate the "robustness" of airports operator BAA before Christmas, reported the Sunday Times, citing papers released under the Freedom of Information Act.
The report said disclosure of official concern over BAA's finances will add to City fears over the company and increase speculation that it may need to raise fresh debt or equity.
The newspaper said the Merrill Lynch report also examined the finances of Ferrovial (FER.MC), the Spanish group that is BAA's controlling shareholder.
In addition, it said notes of government meetings called to discuss BAA's sale of Gatwick airport show Britain's Competition Commission separately asked BAA to provide a "review of their financial profile," a request that left the company "surprised and concerned."
A spokesman for BAA declined to comment on the report.
(Reporting by Matt Scuffham)
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