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By Pietro Lombardi
Italy's Atlantia SpA (ATL.MI) and Spain's Actividades de Construccion y Servicios SA (ACS.MC) have reached a preliminary agreement regarding Abertis Infraestructuras SA (ABE.MC), Atlantia said on Wednesday.
Atlantia didn't provide details of the agreement, which is subject to approval by the company's board of directors. The company said the board will meet Wednesday afternoon to discuss the agreement.
Atlantia and ACS had previously said they were in talks regarding a potential joint bid for toll-road operator Abertis to avoid a costly bidding war.
Earlier this week, Spain's market regulator CNMV approved a takeover bid for Abertis submitted by ACS through its German subsidiary Hochtief AG (HOT.XE).
In October, Hochtief made a cash-and-share offer that values Abertis at about 18.6 billion euros ($22.9 billion), which topped Atlantia's bid valuing it at EUR16.3 billion.
Write to Pietro Lombardi at email@example.com
(END) Dow Jones Newswires
March 14, 2018 05:36 ET (09:36 GMT)
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