ACS Chairman Expects Profits to Rise 35% on Abertis Takeover

   By Nathan Allen

Actividades de Construccion y Servicios SA's (ACS.MC) Chairman Florentino Perez on Tuesday said he expects his company's proposed joint takeover of Abertis Infraestructuras SA (ABE.MC) with Atlantia SpA (ATL.MI) to boost 2019 profit by around 35% compared with 2017.

"Our intention is to transfer this increase in value to our shareholders by increasing our dividend payout by at least the same proportion," Mr. Perez said at ACS's annual shareholders' meeting.

ACS, which posted net profit of 802 million euros ($953.2 million) in 2017, teamed up with Atlantia in March to launch a EUR18.4 billion takeover of Abertis.

The deadline for Abertis shareholders to tender their shares passed Tuesday, and the results aren't yet known.

ACS and Atlantia also still need to gain authorization from the Spanish government to acquire Abertis's stake in satellite-operator Hispasat, which Spain considers strategic national infrastructure.

Read more about the Abertis takeover at https://on.wsj.com/2EmQbEo (WSJ paywall) or http://bit.ly/2HdHGRR (NewsPlus).

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

May 09, 2018 03:11 ET (07:11 GMT)

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