Press Release: Mergers: Commission approves acquisition of BAA by Ferrovial, Québec and GIC

The European Commission on 23 May 2006 approved under the EU Merger Regulation the acquisition of joint control of the UK airport operator BAA plc by a consortium made up of the Spanish company Ferrovial Infrastructuras S.A. ('Ferrovial'), the Canadian institution Caisse de dépôt et placement du Québec ('Quebec') and the Singapore investor GIC Special Investments Pte Ltd ('GIC'). After examining the operation, the Commission concluded that the proposed transaction would not significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it.