Abertis buyers Atlantia, ACS step up process with US expansion in mind - report (translated)
11 SEP 2018
Atlantia's [BIT:ATL] has renewed its commitment to the structure of the acquisition of its Spanish rival Abertis [ABE:SM] and the distribution of the agreed capital, Cinco Dias reported citing unspecified reliable sources.
Atlantia and its partner ACS [BME: ACS] are speeding up the takeover of Abertis with the aim of getting it ready to expand to the US, according to the report.
Atlantia and ACS are completing the corporate vehicle that will hold 100% of Abertis' capital and will be divided into 50% plus one share for the Italian group, 20% for ACS’ German unit Hochtief [ETR: HOT] and 30% minus one share for ACS. The partners hope to close the process between September and October, the Spanish-language paper said.
With this scheme, Atlantia will consolidate the debt of the Spanish motorways’ concessions group, Cinco Dias noted.
Atlantia will then appoint a new financial director and possibly a head of business development, taking up the key management positions, together with the CEO of Abertis, José Aljaro, and the chairman Marcelino Fernández Verdes, who in turn is the CEO of ACS and chief executive of Hochtief.
Atlantia is yet to know the penalties the Italian government will impose after the sinking of the Morandi viaduct in the city of Genoa, the report noted. Despite the fact that some of its assets may be nationalised, its bet on Abertis remains intact, according to the report. Last Wednesday 5 September, Gilberto Benetton, chairman of Edizione (Atlantia’s main shareholder with a 30.2% stake), confirmed in an interview that the schedule for Abertis remained unchanged.
Atlantia will then appoint a new financial director and possibly a head of business development, taking up the key management positions, together with the CEO of Abertis, José Aljaro, and the chairman Marcelino Fernández Verdes, who in turn is the CEO of ACS and chief executive of Hochtief.
Atlantia is yet to know the penalties the Italian government will impose after the sinking of the Morandi viaduct in the city of Genoa, the report noted. Despite the fact that some of its assets may be nationalised, its bet on Abertis remains intact, according to the report. Last Wednesday 5 September, Gilberto Benetton, chairman of Edizione (Atlantia’s main shareholder with a 30.2% stake), confirmed in an interview that the schedule for Abertis remained unchanged.
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