BAA today rejected an £8.8bn (€12.7bn) pre-conditional takeover offer from Spanish construction conglomerate Grupo Ferrovial, which has been stalking the UK-listed airport operator for the past month.

BAA, advised by ABN Amro Hoare Govett, Rothschild and UBS, confirmed in a stock market announcement that it had received a "pre-conditional proposal from Grupo Ferrovial and its consortium partners to make a cash offer for BAA at 810p per share".