ACS and Atlantia acquire further 4.5% stake in Abertis for EUR 820.5m - report (translated)
28 MAY 2018
ACS [BME:ACS] and Atlantia [BIT:ATL] have increased its stake in Abertis Infraestructuras [BME:ABE] to 83.30% from the 78.79% reached with the takeover offer, El Economista reported citing Europa Press. The latter cited information from the records of the Spanish stock-market regulator CNMV.
Since the deadline to accept the offer for Abertis ended on 8 May, and following ACS’ affiliate Hochtief [FRA:HOT]‘s purchase order, the two partners have acquired additional 44.69 million of Abertis’ shares still listed in the stock-market at a price of EUR 18.36 each and representing 4.5% of its capital, according to the records of the Spanish stock-market regulator CNMV, the item said. This package of new shares were acquired for EUR 820.5m.
ACS and Atlantia’s aim is to reach a 100% stake in Abertis and delist the company from the stock-market so that ACS/Hochtief share control of Abertis with Atlantia through a holding company.
As previously reported, the two companies will have to request the Spanish market regulator CNMV to exempt it from launching a de-listing takeover bid. 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.
After the acquisition of this package of shares, ACS/Hochtief and Atlantia need to purchase an additional 8.79% stake in Abertis, valued at around EUR 1.6bn since the company holds a 7.9% stake in treasury stock, El Economista added.
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