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The UK privatised BAA 'as is' (i.e. with a pre-agreed allocation of responsibilities and tasks), and the company was bought at a - very - high price by Ferrovial on the basis of the expected income it thought it would make within such framework.

The Brits might be happy to stuff Ferrovial after having let the initial shareholders gorge on the mess that the airports are (by milking out, and then selling out at a high price reflecting the monopoly nature of the asset)

In the long run, we're all dead. John Maynard Keynes

by Jerome a Paris (etg@eurotrib.com) on Sat Jul 14th, 2007 at 05:23:19 AM EST
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