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Atlantia [BIT:ATL] has moved to try to convince Abertis’ [BME:ABE] 24% shareholder La Caixa to accept it unsolicited offer by guaranteeing attractive dividend and an industrial project, Expansion reported.

According to the unsourced Spanish-language report, Atlantia held talks to La Caixa promising that if the transaction goes ahead, it will introduce a policy of attractive and sustainable shareholder remuneration.

For La Caixa, the dividends of its investees are essential to maintain the social work provided by Fundacion La Caixa, Spain’s largest private foundation. The entity explains in its annual report that the group's investment policy responds to longer-term for companies with an attractive and recurring shareholder remuneration policy.

So far, La Caixa has not said whether it would accept Atlantia’s proposed offer and under what terms. La Caixa may not speak up to the last moment, in line with Abertis' board of directors, which will not give its opinion on Atlantia's offer until 10 days before the end of the offer’s acceptance period, the article noted.

In 2016 La Caixa earned more than EUR 104m in Abertis dividend, Expansion added.

Atlantia is also trying to convince La Caixa with the industrial plan it foresees for its future with Abertis. It plans to reinforce the role of Abertis, by transferring Atlantia's Latin American assets to the Spanish company; maintaining Abertis listed on the stock market and keeping its headquarters in Barcelona. The Italian group has also committed to keeping the current Spanish management team.