THE Commonwealth Bank of Australia may put up more than $1 billion if a consortium led by US investment bank Goldman Sachs makes a formal bid for British airports operator BAA.

Commonwealth Bank (cba.ASX:Quote,News) said its asset management unit, Colonial First State Global Asset Management, was a member of the consortium but that no formal decision had been made about a possible offer for BAA, which operates London's Heathrow, Gatwick and Stansted airports.

In April, BAA rejected an informal approach from the consortium which valued the airports group at around 9.4 billion pounds ($23.5 billion) or 870 pence per share.

Reports in British newspapers over the weekend said the Goldman-led panel was considering making a 10 billion pound offer for BAA, to counter a rival bid by Spanish construction group Grupo Ferrovial.

Britain's Takeover Panel told the consortium last week that it must make a formal bid by June 9 or withdraw from the race.