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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 email@example.com
(END) Dow Jones Newswires
April 17, 2018 06:08 ET (10:08 GMT)
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