BAA confirmed Sunday that it received and rejected a "preliminary highly conditional and confidential approach" last month from a consortium led by Goldman Sachs Infrastructure Group making a cash offer at 870 pence per share, valuing the UK-based airports operator at ?9.4 billion ($16.46 billion).

"The Board of BAA rejected this approach because it clearly fails to reflect the true value of the Company. Since then, BAA has received no further communication from the Consortium," the company said in a statement.

BAA twice has rejected takeover bids led by Spanish construction conglomerate Ferrovial, which offered 810 pence per share on each occasion (ATWOnline, April 10).

Meantime, the Daily Telegraph reported yesterday that General Electric has expressed interest in BAA. It was not clear whether GE was planning to partner with Goldman Sachs. The parties involved did not comment in the report.