Abertis bidder Atlantia considering options to unblock offer; Spanish PM gets involved - reports (translated)
Abertis [BME:ABE] bidder Atlantia [BIT:ATL] is exploring options with the Spanish market regulator CNMV to resolve the government’s block for its offer, Expansion reported, citing legal sources.
Atlantia is asking Abertis to seek authorisation for the transfer of its concessions and satellites unit Hispasat. Abertis is analysing Atlantia’s request, according to the report.
Atlantia has already forwarded a formal request to Abertis, the Spanish-language paper said, citing legal sources involved in the process.
Following the state’s request to the CNMV to cancel or revoke its authorisation for Atlantia’s offer, the regulator has until 7 January to make a decision, the report noted. Within this deadline, the CNMV has opened a 10-day period for submissions before responding to the government’s request. Abertis could express its willingness during this period and request the prior government authorization. This way it looks to contribute to pacifying a conflict and prevent any harm to shareholders' interest, Expansion noted. Since the government made the requirement on 7 December, Abertis stock has fallen 2.21% to EUR 18.5, it added.
Abertis' request would also serve the counter offer launched by ACS via Hochtief [ETR:HOT].
Elsewhere El Confidencial reported the Spanish Prime Minister Mariano Rajoy decided to get involved in the transaction. According to sources close to the talks, cited by the online Spanish-language report, Rajoy recently met with Isidre Fainé, chairman of Abertis’ main shareholder Criteria CaixaCorp, La Caixa's industrial and financial holding company, to ask him to consider the suitability of ACS’ EUR 18.6bn counter bid for Abertis.
Rajoy, advised by the ministers of Public Works and Energy, Íñigo de la Serna and Álvaro Nadal, respectively, is prepared to stand by the notion that Spain defends its domestic market leaders like other European countries, the report added. Some of the arguments are those used by Italy in the recent past. The Italian government has prevented, among other transactions, the takeover of Telecom Italia by Telefónica, the acquisition of Banca Nazionale del Lavoro by Spanish lender BBVA, and Atlantia itself (formerly Autostrade) by Abertis.
To date, CriteriaCaixa Corp has been on the Italian side, El Confidencial added.
The original article for Expansion appeared in print; Page 3