ATL Atlantia

   By Nathan Allen 
 

A majority of shareholders in Abertis Infraestructuras SA (ABE.MC) have accepted Actividades de Construccion y Servicios SA's (ACS.MC) and Atlantia SpA's (ATL.MI) joint takeover offer, according to a filing from CNMV, Spain's market regulator.

Shareholders representing just under 79% of Abertis shares accepted the offer, which was launched via ACS's German subsidiary Hochtief AG (HOT.XE), CNMV said.

Discounting the roughly 78.8 million treasury shares held by Abertis, Hochtief will hold about 86% of Abertis's share capital, according to CNMV.

The acceptance brings the takeover process one step closer to completion nearly a year after Atlantia submitted its first bid in May 2017.

However, ACS and Atlantia still need authorization from the Spanish government to acquire Abertis's stake in satellite operator Hispasat.

Spain's government considers Hispasat to be of strategic national importance, and the suitors must seek three separate approvals from the ministries of energy and defense.

ACS and Atlantia plan to squeeze out the remaining minority shareholders ahead of a planned delisting of the highway operator.

The Madrid Stock Exchange removed Abertis from Spain's IBEX 35 index earlier in May.

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 14, 2018 10:09 ET (14:09 GMT)

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