Spanish construction group, Grupo Ferrovial, which on Friday launched an £8.8bn (€12.7bn) hostile bid for BAA, has begun talks with the trustees of the UK airport group's pension fund which has a £154m deficit.

Pension fund trustees are playing an increasingly significant role in takeover bids and are credited with scuppering at least two: Philip Green's putative bid for Marks & Spencer and the offer by private equity group Permira for WH Smith.