Abertis suitor ACS in advanced talks with Macquarie over backing offer - reported rumour (translated)
18 SEP 2017
Abertis [BME:ABE] suitor, the Spanish construction group ACS [BME:ACS] is in advanced negotiations with Macquarie to lead a EUR 17bn counter offer for the Spanish motorways group, El Confidencial reported, citing sources close to the process.
ACS' new CEO Marcelino Fernandez Verdes, who has a good relationship with the Australian fund, is heading the talks, according to the report.
Fernandez Verdes also has a proposal from Canadian fund Brookfield, the report said. The article cited other sources as saying that ACS has also sounded out funds from the Middle East.
The deal structure proposed by ACS involves setting up a special vehicle that would be associated with its German unit Hochtief [ETR: HOT ] and launching the counter offer.
Subsequently, ACS would propose the merger by absorption of Abertis to create a holding company whose 70% of EBITDA would come from the concession business - recurrent long-term revenues - and the remaining 30% from construction, El Confidencial said.