TBI owns a number of UK airports

Hochtief, which last month announced it was mulling over an approach, now says it is "no longer considering" the move.

TBI, whose airports portfolio includes Luton, Cardiff, Belfast International, and Skavsta in Sweden, said it had never been contacted by Hochtief.

Over the past two years TBI has been subject to periodic speculation regarding potential takeover bids.

This followed after a rejected approach from French construction group Vinci before the September 11 attacks in the US.

Hochtief, Germany's largest construction group, owns shares in Sydney, Athens and Hamburg airports.