Apax walking away from Ferrovial does not jeopardize the divestment


Renta 4 | Apax Partners fund has withdrawn its offer for the division of services in Spain and International for their strong labor costs, although it maintains its offer for Broadspectrum (Australia) at € 600 million, taking the offer on Amey ( United Kingdom).

Although the news is not positive, since it could further delay the divestment of said division and put some downward pressure on the sale price, we do not consider that such operation can be jeopardized since there are binding offers (Apollo).

We continue to believe that this operation should act as a catalyst for value in the short term. We reiterate overweight, P. O. 30.9 eur.

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