The Effective Launch Of The Existing Abertis’ Bids Will Be Delayed 2-3 mths
The effective launch of the bids for Abertis will be delayed 2-3 months if the CNMV revokes authorisation for Atlantia’s offer and it has to seek prior government approval.
The effective launch of the bids for Abertis will be delayed 2-3 months if the CNMV revokes authorisation for Atlantia’s offer and it has to seek prior government approval.
The difference between top managers’ salaries in Ibex-35 companies and the lowest salaries in these same firms is on average 207 times, which shows the salary gap in Spain is increasing.
ACS has launched a competing bid for Abertis, via Hochtief, at €18,76 per share. It fits in with our forecast scenario that ACS would offer a higher price than Atlantia (€16,50/share, combining cash and shares which cannot be sold before February 15 2019) in its counter-bid for the Spanish concessionaire.
ACS is still looking for the financial muscle to be able to make a counter-bid for Abertis. The company has the capacity to generate cash and has a solid financial situation, but it would need the help of foreign investors to better Atlantia’s bid of 16,5 euros per share.
The construction company is studying a possible counter-bid for Abertis in order to improve Italian Atlantia’s offer price of 16.5 euros, but no decission has been made yet even though the Spanish Securities and Exchange Commission CNMV has already been notified.
Spain’s new CNMV board, headed up by Sebastián Albella, has embarked on a big reform drive, implementing a whole range of initiatives, to make the Spanish financial market more trustworthy.
ACS’ subsidiary Cobra has won a contract worth 126 million euros to build various electricity transmission lines in Brazil, boosting its portfolio of these projects in that country to 3 billion euros.
The joint venture formed by Leandlease and Turner (subsidiary of ACS) has been awarded a project to extend the Jacob K. Javits convention centre (New York) for a total of 1.5 billion dollars (approx. 1.4 billion euros).
Citi | ACS’ first half 2016 results were broadly in line with consensus estimates, although net income came in slightly lower at €388 million euros vs consensus of €411 million (-5%).