Spain Regulator Won't Revoke Atlantia Bid Authorization
08 Janvier 2018 - 7:22PM
Dow Jones News
By Nathan Allen
Spain's market regulator said Monday that it wouldn't revoke its
earlier authorization of Atlantia SpA's (ATL.MI) takeover bid for
Abertis Infraestructuras SA (ABE.MC), despite a request from two
Spanish government ministries to do so.
The regulator, CNMV, said it considered that the offer meets all
the requirements set forth in the Royal Decree 1066/2007 on
takeover bids.
The Ministry of Energy, Tourism and Digital Agenda and the
Ministry of Public Works issued a formal request in December for
the regulator to annul or revoke its authorization of the 16.3
billion euro ($19.60 billion) bid, which it approved in
October.
The ministries said in the request that Atlantia was legally
obliged to submit its bid for government approval and that the CNMV
shouldn't have approved the deal without their prior consent.
Atlantia said in its response that it didn't consider government
approval to be necessary under Spanish law, but said it would make
a direct request to the ministries out of respect for Spain's
institutions and to avoid slowing down the bidding process.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
January 08, 2018 13:07 ET (18:07 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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