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Report: Atlantia, ACS reach deal over joint control of Abertis

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Report: Atlantia, ACS reach deal over joint control of Abertis

Italian highways and airports operator Atlantia SpA has reached an agreement with Spanish builder ACS SA over a deal to jointly acquire control of toll road company Abertis Infraestructuras SA, three unnamed sources told Reuters in a March 13 report.

The agreement came shortly after the Spanish stock market regulator approved HOCHTIEF AG's takeover offer, which valued Abertis at €18.2 billion, including treasury shares. Hochtief is the German arm of ACS.

The bid was higher than Atlantia's latest offer of €17 billion, Reuters said.

The sources did not detail how the two companies would jointly control Abertis, but another March 13 Reuters report said ACS would buy Abertis through Hochtief in a cash-and-stock offer, with Atlantia scrapping its bid.

Once delisted, ownership of Abertis would be transferred to a new company jointly owned by ACS and Atlantia, Reuters said.

Atlantia would then consolidate the Abertis unit, one of the sources told Reuters, giving it control over the Spanish company.

The Italian group would also appoint the CEO of the new company, the source added.

Abertis' board of directors is set to respond to Hochtief's takeover offer, the company said in a statement.