UK - BAA pension fund trustees have struck a deal with Grupo Ferrovial which will result in improved retirement terms for its members if the takeover by the Spanish construction company is successful.
Although no details of the deal have yet been divulged, a spokesman for the airports group said three elements were agreed upon - security, an increase in employer contributions and a more robust funding target.
This triumph for pensioners’ rights is reportedly the first of its kind in a hostile bid.
Meanwhile, BAA has declared that Ferrovial’s £8.75bn, 810p-a-share, bid is too low and has issued its second and final defence document against this offer.
The document was confirmed to include a £750m sweetener conditional on shareholders rejecting Ferrovial’s overtures.
The BAA spokesman said that the Spanish company therefore has two weeks to raise the bid to meet the airports group’s approval.
Last Tuesday, the Europe Union competition authorities gave Ferrovial permission for the bid.
By Angele Spiteri Paris
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