Abertis/Atlantia: Spanish government mulls the risk of intervening - report (translated)
15 JAN 2018
The Spanish government is considering the risk of intervening in the takeover of Abertis Infraestructuras [BME:ABE], Cinco Dias reported. According to the report, the government could have to pay millions in guarantees if it challenges the market regulator CNMV’s authorisation of Atlantia's [BIT:ATL] takeover bid, Cinco Dias said citing legal sources.
Reports from the state’s legal counsel and CNMV legal team question the government’s right to supervise the offers made for Abertis, the Spanish-language paper said.
The CNMV's refusal to cancel its authorisation of Atlantia’s offer for Abertis, despite the requests of the Ministries of Public Works and Energy, has opened up several scenarios including a possible confrontation in court between the government and the regulator Cinco Dias said.
After receiving on December 21 Atlantia’s request for authorization, the Ministry for Development said it would take it into account when deciding whether to challenge the CNMV or to set aside the case.
After receiving on December 21 Atlantia’s request for authorization, the Ministry for Development said it would take it into account when deciding whether to challenge the CNMV or to set aside the case.
The Ministry for Energy has not signalled its next move, but legal sources told the paper that the potential economic impact plays against the judicialization of the conflict.
The Ministry for the Economy is following the process closely. State lawyers have warned of potential multi-million euro guarantees that the courts may demand if the Ministries seek injunctions to block the offers made by Atlantia and ACS' [BME:ACS] German subsidiary Hochtief [HOTG:DE].