Cellnex Shares Drop After No New Offers Arrive for Abertis's Stake
17 Avril 2018 - 12:23PM
Dow Jones News
By Alberto Delclaux
Shares in Cellnex Telecom SA (CLNX.MC) fell on Tuesday after no
new bidders made an offer for a 29.9% stake held by Abertis
Infraestructuras SA (ABE.MC) before a deadline on Monday.
The lack of new bids led Atlantia SpA (ATL.MI) to exercise an
option to sell the Cellnex stake to Edizione Srl, the Benetton
family's holding and its largest shareholder, on Tuesday.
Atlantia's option on the stake is linked to its takeover offer for
Abertis, which it made with Spain's Actividades de Construccion y
Servicios SA (ACS.MC).
Edizione will buy the 29.9% stake--which is part of Abertis's
overall 34% shareholding--for 1.49 billion euros ($1.84 billion),
or EUR21.50 a share. According to Spanish regulations, owning more
than 30% of a company forces the shareholder to launch a full
bid.
Atlantia announced its intention to exercise the option in early
April, provided no improved offers were received by Monday. Press
reports speculated about interest from other groups, but nothing
materialized before the deadline.
At 0946 GMT, Cellnex shares were down 3.5% at EUR22.45.
Read more about the Abertis takeover at
https://on.wsj.com/2EmQbEo (WSJ paywall) or http://bit.ly/2HdHGRR
(NewsPlus).
Write to Alberto Delclaux at alberto.delclaux@dowjones.com
(END) Dow Jones Newswires
April 17, 2018 06:08 ET (10:08 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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