UK Airport News
Manchester Airports Group has pulled out of the bidding for London's Gatwick airport, because it would not raise its bid to the 1.5 billion pounds sought by Gatwick owner Ferrovial, a person familiar with the matter said.
MAG had sweetened its offer for the airport, operated by BAA, by including mechanisms such as earn-out agreements, but the cash value of its proposal was about 1.38 billion pounds ($2.26 billion), the person said on Thursday.
"We pulled out of the process. The only thing that will make us come back is if BAA has a radical rethink on what Gatwick is worth and there's no sign of that," the person said.
BAA, which is majority owned by Spain's Ferrovial, was not immediately available for comment.
