By Matthew Curtin A DOW JONES NEWSWIRES COLUMN

PARIS (Dow Jones)--BAA Chairman Marcus Agius and the shareholders he represents are on to a good thing. And how.

If Agius sticks to a Clara Furse-LSE style defense of BAA's interests, the 810 pence-a-share offer from the Ferrovial-led consortium that he's just rejected might soon look like a distant memory, such is the hunger for infrastructure investments that is pushing prices sky high.

With that comes the risk that investors are going to have to pay fat premiums for returns that might prove reasonable...

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Posted by rjorr at April 21, 2006 4:55 PM