Ferrovial, the Spanish conglomerate fronting a hostile takeover bid for BAA, has reached an agreement with the trustee of the UK airport operator's pension scheme.

Ferrovial, which is leading a consortium that bid £8.8bn (€12.9bn) for BAA last month, said today that the group has reached an agreement with the trustee of BAA's pension scheme over future strategy in the wake of a successful acquisition.