8:17 AM June 6, 2006 Toll Road partner buying Indy airport manager Star and news service report BAA, the British operator of Indianapolis International Airport, is being bought for $19 billion by Grupo Ferrovial SA , the Spanish company that's leasing the Indiana Toll Road in partnership with an Australian bank. The Ferrovial group bid against another consortium for the right to buy publicly traded BAA, based in London. Ferrovial, owned by founder Rafael del Pino y Moreno and his family, also leases the Chicago Skyway. BAA PLC, the world?s biggest airport operator, accepted a sweetened 10 billion pound ($19 billion) takeover bid from a consortium led by Spain?s Grupo Ferrovial SA today , rejecting a higher offer from a group led by Goldman Sachs. Ferrovial also confirmed it had bought 150 million shares, or 13.9 percent of BAA, in a raid early today, adding to its existing holdings and bolstering its position against any rival bid. Having rebuffed Ferrovial?s advances since the company?s first approach four months ago, BAA said the revised offer ? valuing it at 950.25 pence ($17.79) per share ? ?represents an attractive price for BAA.? The announcement followed a late-night auction between the two consortiums for BAA, which operates seven airports around Britain, a handful in the United States and has a stake in the Naples and Budapest airports. In a filing with the Spanish stock market supervisor CNMV, Ferrovial said shares in the new company would be listed on the AIM market of the London Stock Exchange. BAA?s shares gained 2.2 percent to 948.5 pence ($17.85) on the London Stock Exchange, continuing a climb ignited by takeover speculation that has seen it gain some 45 percent since the beginning of the year. Goldman Sachs urged BAA shareholders to take no action as it is reviewing its position ? suggesting the battle may not yet be over. However, Ferrovial confirmed that it had been active in the market early Tuesday, buying 150 million shares at 950.25 pence ($17.74) per share. Analysts said that would likely take Ferrovial?s entire holding to more than 15 percent and make it more difficult for Goldman Sachs to muscle in because it would need to acquire 90 percent of the company to be able to forcibly buy out minority shareholders. BAA owns and operates airports that handle 63 percent of travelers to and from Britain, a figure that rises to 86 percent in Scotland ? where BAA runs airports at Glasgow, Edinburgh and Aberdeen ? and to 92 percent in London. BAA also owns Southampton Airport in southern England. The company?s international business includes managing the Indianapolis airport, and retail management at Baltimore, Pittsburgh and Boston-Logan airports. Ferrovial holds a 60 percent stake in England?s Bristol airport and 31 percent of Belfast City airport, and it also manages the Sydney airport in Australia and Antofagasta airport in Chile. The company also manages 19 toll roads in Spain, Portugal, Ireland, Italy, Chile, Canada and the United States, and is a partner with the state of Texas in designing the $175 billion Trans-Texas Corridor railway and highway project. Read tomorrow's Indianapolis Star for more details about this story. Copyright 2006 IndyStar.com. All rights reserved