Abertis' acquisition by Atlantia opposed by Spanish government - report (translated)
25 MAY 2017
The Spanish government has opposed the takeover of the motorways group Abertis Infraestructuras [BME:ABE] by its Italian rival Atlantia [BIT:ATL], Expansion reported.
Speaking at an event about Spanish infrastructures, the minister for development, Inigo de la Serna, vowed to defend Spain’s interests.
The minister noted that the government has a say in the transaction given that it has to authorise the sale of Abertis’ satellites business Hispasat and in the renewal of motorways concessions.
El Confidencial also cited unidentified sources from the government who said that it does not back the transaction, though its scope to intervene is limited. The government fears losing its influence over the Spanish motorways, which will depend on decisions taken in Italy, the report said.
In addition to Spain's loss of influence in matters such as tariff negotiations, decision-making on new investments or out-of-court settlements, there is an unease in the government because the first message conveyed was that Atlantia and Abertis intended a merger. The reality, however, is that Atlantia will take over Abertis through a EUR 16.5 per share cash offer that values 100% of the Spanish group at EUR 16.34bn.
El Confidencial also cited unidentified sources from the government who said that it does not back the transaction, though its scope to intervene is limited. The government fears losing its influence over the Spanish motorways, which will depend on decisions taken in Italy, the report said.
In addition to Spain's loss of influence in matters such as tariff negotiations, decision-making on new investments or out-of-court settlements, there is an unease in the government because the first message conveyed was that Atlantia and Abertis intended a merger. The reality, however, is that Atlantia will take over Abertis through a EUR 16.5 per share cash offer that values 100% of the Spanish group at EUR 16.34bn.
The government has not made any moves to halt the transaction, the report went on to say and is bidding for time, during which Atlantia may have to amend its offer or a rival bid may emerge.
Another option would be for the government to persuade Abertis’ 22% stake shareholder Criteria (La Caixa) [BME:CABK] to oppose the offer, the report said.
Abertis currently manages three large concession companies in Spain: Iberpistas, Acesa and Aumar. The term to manage the last two companies ends between 2019 and 2021 and the ministry has already informed the group that it does not plan to renew the concessions.
Legal sources told El Confidencial that the government's influence in this area is practically null, since the takeover has no corporate effects on the capital structure of the concessionaires, whose controlling shareholder will remain Abertis.
Legal sources told El Confidencial that the government's influence in this area is practically null, since the takeover has no corporate effects on the capital structure of the concessionaires, whose controlling shareholder will remain Abertis.