Abertis/Atlantia: banks vye to finance ACS' counter offer - report (translated)
20 OCT 2017
Several banks not involved in Atlantia’s [BIT:ATL] offer for the Spanish toll-road group Abertis [BME:ABE] are vying to finance the counter offer table by ACS [BME:ACS] through its German unit Hochtief’s [FRA:HOT], Expansionreported.
ACS has a EUR 14.963bn underwriting from JPMorgan, which will now share the risk in two deals, Expansion said citing financial sources: a short-term bridge loan and a second a long-term loan adding to EUR 15bn.
BBVA is well placed for a top position in the financing and the structuring of the offer, according to the report. The Spanish bank, through its subsidiary in Milan, is a lender of Atlantia in its bid for Abertis. This has not, however, prevented the bank from obtaining the position of intervening and liquidating ACS’ counter offer and is expected to have one of the main roles, financial sources told the Spanish-language paper.
The same sources pointed to CaixaBank as another possible relevant lender to ACS, Expansion said.
Santander, however, a lender and financial adviser of Atlantia, could be out. Sources with knowledge of the matter said that Santander has had access to confidential information and signed an exclusivity deal with Atlantia.
Sabadell and Deutsche Bank could also finance ACS, the report added citing market sources. Commerzbank and Bankhaus Neelmeyer are working for Hochtief and BayernLB and Landesbank Baden-Württemberg could join them, according to the report.