London, June 6 (Reuters): The world’s biggest airport operator BAA Plc agreed to a ?10.1-billion ($18.9 billion) takeover bid from a consortium led by Spain’s Grupo Ferrovial on Tuesday, rejecting a higher offer from Goldman Sachs.

The Goldman Sachs-led consortium has not ruled out fighting back with an improved offer, although Ferrovial snapped up 14 per cent of shares in BAA early on Tuesday to make it more difficult for rival bidders.

Ferrovial, which wants to offset its cyclical construction operations with more stable airport earnings, persuaded BAA’s board to accept its 935 pence-per-share bid in talks late Monday.

The offer values Britain’s BAA, which owns London’s Heathrow, Gatwick and Stansted airports, at ?10.11 billion.

It also includes a final dividend of 15.25 pence per share, bringing the total value of the deal for shareholders to 950.25 pence per share, or ?10.3 billion.