Abertis bidder Hochtief to ask exemption from de-listing offer - report (translated)
15 MAY 2018
Hochtief [FRA:HOT] will have to request the Spanish market regulator CNMV to exempt it from launching a de-listing takeover bid to buy the 13.25% shares of Abertis Infraestructuras [BME:ABE] that has not accepted its proposal, El Economista reported, without citing sources.
Spanish takeover law allows it when the offer is directed at 100% of the share capital, the price is justified and the purchase and sale of the remaining shares is facilitated by means of a purchase order at the same price as the bid for at least one month in the six months following the completion of the preceding bid.
In its offer document, Hochtief anticipated this route if it did not reach the minimum 90% threshold of acceptance, as has happened, the Spanish-language paper noted. As reported, the voluntary takeover offer has been accepted by shareholders representing 78.79% of the share capital of Abertis, a percentage that rises to 85.60% discounting the concessionaire's treasury stock.
As a consequence of this scenario, Hochtief will delay taking control of Abertis until September, El Economista said.