Herbert Smith has scooped a role defending BAA from the proposed takeover bid by Ferrovial. as the Spanish construction company completes a beauty parade of potential advisers.
Herbert Smith, led by corporate partner Gareth Roberts is advising key client BAA on defending itself from Ferrovial’s advances. The BAA board has asked shareholders not to take any action at this time.
Roberts got confirmation last night (8 February) that he had been instructed by BAA after rumours circulated that Ferrovial intended to make an offer. Ferrovial has since admitted it wants to make a bid as part of a consortium.
BAA is a regular client of Herbert Smith. Previous deals include acting on the completion of a 50:50 property joint venture with Morley Fund Management and on a £65m national air traffic service investment.
Firms hoping to advise Ferrovial are having to pitch for the work and a decision is expected soon. Clifford Chance and Freshfields Bruckhaus Deringer are among those believed to have bid for the mandate so far.