Ferrovial, Cintra to merge via share swap - report

MADRID, Dec 20 (Reuters) - Spanish constructor and airport manager Ferrovial would merge with sister company Cintra through a share swap rather than a buyout, Expansion reported, citing unnamed sources close to talks.

Ferrovial would absorb the toll-road operator by offering one of its own shares for five or six Cintra shares, the newspaper said on Saturday.

A 1-for-5 share swap would value Cintra at about 4.3 euros ($6) per share, below Friday's closing price of 6.6 euros per share.

Once absorbed in to Ferrovial, Cintra shares would be delisted, Expansion said.

Debt-laden Ferrovial, which said on Friday it was studying a merger without giving further details, already owns 68 percent of Cintra. The remaining 32 percent has a market value of around 1 billion euros.

No one at Cintra or Ferrovial was available for comment on Saturday.

Earlier this week, Britain's antitrust regulator told Ferrovial, owner of UK airports group BAA, to sell London's Stansted and Scotland's Edinburgh airports as well as London Gatwick. (Reporting by Paul Day, editing by Mike Peacock)