Analysts and media are speculating that the Royal Bank of Scotland (RBS) may become involved in part financing any bid for BAA by Spanish construction company, Grupo Ferrovial.

This is the latest in the ‘will they, won?t they’ speculation following Ferrovial?s announcement to the London Stock Exchange (LSE) some weeks ago that it was considering whether or not to bid for BAA. Sources at BAA say the company is prepared for a bid and its defence team is in place if needed.
Several other companies have been linked with possible involvement in any bidding consortium, including Caisse de d?pot et placement du Qu?bec and Temasek, the Singaporean Government?s investment arm, but none have commented one way or the other.
Meanwhile the word from the top of BAA to its senior managers and employees is that it is business as usual and they should continue to concentrate on running the business.