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12 April, 2006 - 09:57 By Staff Reporter

Hertfordshire timber merchant James Latham plc has sold its subsidiary, Nevill Long Ltd, to Wolseley

Two rival bidders for UK airport giant BAA, which owns London Stansted, have joined forces in the hope their combined firepower will force shareholders to do a deal.Two rival bidders for UK airport giant BAA, which owns London Stansted, have joined forces in the hope their combined firepower will force shareholders to do a deal.

Australian bank Macquarie has joined the Spanish-led Grupo Ferrovial in what is still regarded as a hostile bid for BAA.

The move follows BAA’s decision to reject a formal bid from Ferrovial valuing the company at around £8.75bn.

The gut feel from City analysts remains that it could take a bid topping £10bn to force an about-turn. In fact, BAA is believed to be plotting a £2bn payback to shareholders if they hold their nerve.

Macquarie has agreed to become a joint financial adviser to Grupo Ferrovial’s bidding consortium, alongside existing adviser Citigroup.

The Aussie company’s airports board includes John Stent, former MD at London Stansted.

BAA’s shares started this week 12.5 per cent higher at 847p.

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