Corporate activity in Spain is gaining momentum with ACS’s offer to buy the Italian concessionary group ASPI (Autostrade per l’a Italia) from its partner Atlantia. ASPI has 3,000 kilometres of toll roads. The aim is to create a giant in the concessions business, with the union of Autostrade and its subsidiary Abertis, and ACS would be willing to make the purchase in the company of other investors – there is talk of the Italian group CDP. The offer would be for 10 billion euros, exceeding that presented by the Italian public bank CDP, which has the backing of the Italian government, and the funds Blackstone and Macquarie.
Of the total of this initial loan, 3 billion euros will remain in the company, 2.2 billion will be repaid in the short term through asset disinvestment like the sale of Hispasat and 29.9% of Cellnex (already completed in June), while another tranche of 4.75 billion will be financed with bonds.
Santander | After the collapse of the Morandi bridge in Genoa, the Italian government has begun the process of terminating ASPI´s concession. The management team could try to negotiate possible solutions to avoid the termination, despite the protection offered by the terms of the contract.
Spain’s stock market regulator yesterday accepted Atlantia’s bid for Abertis, acknowledging that the content of the explanatory document presented by the Italian company is sufficient and in line with current regulations. The approval also gives Atlantia the possibility of improving its offer and establishes the period for ACS to consider its eventual competing bid.
It’s now official. Atlantia has launched a full takeover bid for Abertis worth 16.341 billion euros, implying a price per share of 16,50 euros. Payment will be made either in cash or via a share exchange.
Italian motorway and airports operator Atlantia is considering a tie-up with Spain’s Abertis by launching a tender offer. The transaction is valued at some 15-16 billion euros, taking into account the current market value of Abertis. The offer will be made partly in cash and partly in Atlantia shares, with the end result a merger between the two companies.