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Macquarie Bank has approached British airports operator BAA with a view to buying one or more of its operations in south-east England, the Sunday Express reported.
BAA - taken over last year by Spanish firm Ferrovial - could be forced to sell any of Heathrow, Gatwick and Stansted airports following an investigation into its dominance by Britain's Competition Commission.
Macquarie already owns five airports, including Bristol and Birmingham in the UK.