ACS and Atlantia Reach Binding Agreement for Joint Abertis Bid
14 Mars 2018 - 12:36PM
Dow Jones News
By Nathan Allen and Pietro Lombardi
Spain's Actividades de Construccion y Servicios SA (ACS.MC) and
Italy's Atlantia SpA (ATL.MI) have reached a binding agreement to
launch a joint offer for Abertis Infraestructuras SA (ABE.MC),
according to regulatory filings submitted by ACS and Atlantia on
Wednesday.
Under the terms of the agreement ACS said it will modify its
existing cash-and-share offer, submitted through its German
subsidiary Hochtief AG (HOT.XE), to remove the share component and
keep the cash price at its original level of 18.36 euros ($22.69) a
share. Atlantia will withdraw its bid.
If the bid is successful, ACS, Hochtief and Atlantia will create
a joint holding company that will purchase all of Hochtief's shares
in Abertis.
Atlantia will be the holding company's main shareholder, with
slightly more than 50% of the shares, while ACS will hold 30% and
Hochtief will take a stake of slightly less than 20%.
As the largest shareholder, Atlantia will consolidate both the
holding and Abertis in its books. The companies' relationship
within the holding will be subject to a shareholder agreement, ACS
said.
As part of the agreement, Atlantia will invest up to EUR2.5
billion in Hochtief.
The three companies plan to reach a long-term agreement to
maximize strategic partnerships and synergies within Abertis, ACS
said.
All three companies will put the agreement to a vote by their
respective boards on Wednesday, ACS said.
Write to Nathan Allen at nathan.allen@dowjones.com and Pietro
Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
March 14, 2018 07:21 ET (11:21 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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