Spain's Market Regulator Approves Hochtief Takeover Bid for Abertis

   By Alberto Delclaux and Marc Bisbal Arias

Spain's market regulator CNMV said Monday that it has approved Hochtief AG (HOT.XE)'s takeover bid for Abertis Infraestructuras SA (ABE.MC).

Hochtief parent company Actividades de Construccion y Servicios SA (ACS.MC) and Atlantia SpA (ATL.MI) had previously said they were in talks regarding a potential joint bid for toll-road operator Abertis to avoid a costly bidding war.

The companies didn't specify the content of the negotiations, or whether they would let Hochtief's bid prosper and subsequently split the company's assets or make an improved bid via a newly created joint entity.

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 Alberto Delclaux at alberto.delclaux@dowjones.com and Marc Bisbal Arias at marc.bisbalarias@dowjones.com

(END) Dow Jones Newswires

March 12, 2018 04:44 ET (08:44 GMT)

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