BAA, the airports operator, has accepted a £10bn takeover bid from a consortium led by Ferrovial of Spain. Ferrovial beat off competition from a consortium led by US bank Goldman Sachs, which said it had made an offer worth a total of 955.25p a share. Goldman Sachs urged shareholders "to take no action" and promised a further announcement "in due course". BAA, which operates airports handling 63% of all air passengers entering or leaving the UK, had previously resisted being taken over, but is now recommending the Ferrovial approach to shareholders. Ferrovial's latest offer marks a 17% price increase on its original 810 pence-per-share approach, and is 49% more than the level BAA's share price was at before Ferrovial's interest became known.