"Construction could have been a lot worse. Overall results were a bit better than expected at the operating level, largely thanks to a surprisingly good performance from airports," an analyst in Spain said. BAA and Cintra posted nine-month results broadly in line with forecasts on Wednesday and flagged steadying traffic at airports and highways. Join discussion...

Ferrovial-owned toll road operator Cintra said its shareholders approved its merger with the parent company. Earlier last week, Ferrovial's shareholders approved the operation and, once all the legal requirements are fulfilled, the transaction is expected to be completed towards the beginning of December. Join discussion...

The long-awaited break-up of the UK’s biggest airport group began on Wednesday after BAA reached an agreement to sell Gatwick to the owners of London City Airport for £1.5bn. The sale to Global Infrastructure Partners, which was approved late on Tuesday night by the Competition Commission, ends a tortuous process that started a year ago when BAA, a subsidiary of Spain’s Ferrovial infrastructure group, put Gatwick up for sale in an attempt to head off competition concerns about its market dominance. Join discussion...

3.3 billion euro loan only activates after Cintra merger * Ferrovial says deal "clears the way for Cintra merger" * Ferrovial has no major debt maturities for next 3 years (Adds comment on planned Cintra merger, quote from company) Join discussion...

The European Investment Bank (EIB) is to lend EUR 1.2 billion to Poland for the construction of the remaining section of A2 motorway leading to the German border on the way to Berlin. It is also to provide EUR 565 million for the Warsaw ring road. In the former investment project the loan is to cover 70% of the cost, while in the latter – 50%. This is the first case of EIB’s crucial involvement in a private or concession project in Poland. EIB is the main creditor but talks with commercial banks concerning the outstanding amount are also in progress, TVN24 reports. Join discussion...

Grupo Ferrovial SA, the Spanish construction group, plans to refinance about 3.3 billion euros ($4.4 billion) of loans this month, including debt used to buy BAA Airports Ltd., said three people familiar with the deal. Ferrovial is offering higher interest of 200 to 300 basis points over benchmark rates on the new loans, said the people, who declined to be identified because the talks are private. The margin compares with 65 basis points on a 1.5 billion-euro loan agreed in 2006 to finance the takeover of London-based BAA, according to data compiled by Bloomberg. Join discussion...

Citi Infrastructure Investors was eliminated from the auction for BAA Ltd.’s London Gatwick airport, a decision it called “bizarre in the extreme.”Citigroup’s team, which includes Vancouver Airport Services and John Hancock Life Insurance Co., made an uncompetitive offer with no assurances on deliverability, BAA said in a statement today. The bid group, known as Lysander, said separately that it’s still interested in buying Gatwick and has full funding for a purchase that would improve the site’s passenger facilities. Join discussion...

Shareholders in Spanish toll road group Cintra (CCIT.MC) said on Wednesday they would only support a takeover by majority owner Ferrovial (FER.MC) at an exchange rate of one Ferrovial share for every 1.5 Cintra shares or better. The shareholders, representing 4.2 percent of the share capital in Cintra, wrote to the board in February and March expressing their opposition to a possible merger, saying it would solely benefit Ferrovial. Join discussion...

The Senate approved new guidelines for future toll road development Monday, including rules that give public entities the first crack at projects over private firms and would forestall a repeat of the bidding war that erupted over State Highway 121 two years ago. Join discussion...

A possible merger between Spanish infrastructure group Ferrovial (FER.MC) and its sister company, toll road firm Cintra (CCIT.MC), would solely benefit Ferrovial, Cintra minority investors said on Wednesday Join discussion...