James Ashton: Qataris know that Heathrow is what really matters to BAA
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Outlook Those Qataris must know something we don't. Only a day or so ago, they laid out £900m for a fifth of BAA, the owner of Heathrow. No sooner is the ink dry than BAA has thrown in the towel on its bid to hang onto Stansted airport, which it was ordered to sell by the Competition Commission three years ago.
Coincidence? Very probably. The loss of Stansted was baked into the price, after all. Not only did most people think BAA was fighting a losing battle, but Stansted, the bane of flustered low-cost travellers lives', is a declining asset anyway as consumers take fewer short breaks.
Yet it is hard to see this as anything but a blow, however anticipated, coming hard on the heels of sell-offs of Gatwick and Edinburgh. Selling assets when prices are depressed is never a good sign.
The BAA boss Colin Matthews has been putting a brave face on the slow dismemberment of his empire ever since he took the reins in 2008. After stints at Hays and water firm Severn Trent, he's used to carving up businesses, just at his own pace.
He knows the crown jewel of BAA has always been Heathrow. Everything else –Southampton, Aberdeen, Glasgow, and yes, even Stansted – is window dressing. That reasoning is what drove the Qatari investment too.
More important is getting a good outcome from the debate over the future of London's airport capacity, which has been kicked into autumn by the Government who seem hell-bent on excluding a third runway at Heathrow from the options that should be put on the table.
Mr Matthews' new backers obviously believe he has plenty to gain, and his arm was strengthened after the comings and goings of legions of Olympic athletes passed off without a hitch.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments