Abertis splits its activity into two different companies
One company will run the highway, airports and telecommunications business; another company will control the parking and logistic services. Shareholder distribution will not be changed. Abertis is a Catalan transport and communication services multinational, present in many countries.
Barcelona (ACN).- Abertis will re-organise all its activities into two different companies: Abertis Infraestructures and Saba Infraestructures. The first one will concentrate Abestis’ business on highways, airports and telecommunications. Saba Infraestructures will keep the parking and the logistic parks. Abertis will keep the current shareholder distribution and it will maintain its presence at the Ibex-35 index (top 35 companies in the Spanish stock-exchange market). Abertis will offer the option to shareholders to get an extraordinary bonus in cash or Saba shares. Saba Infraestructures will not be traded in the stock exchange and, presumably, will be open to new investors. Salvador Alemany, the Chairman of Abertis, told a press conference that “it is not a disinvestment nor a sale operation”, it is a “fostering” of Abertis’ five main activities.
The group’s president, Salvador Alemany, said that Abertis considered the option of selling the business that Saba will run, but it preferred to look for “the way with which Abertis’ shareholders would be at the heart of the new entity’s shares”. Alemany is confident that “old shareholders will become” Saba shareholders. He also explained that those preferring to get cash from the extraordinary bonus will enable the inclusion of new shareholders. The managing team for be kept and split among the two new companies.
The operation of splitting into two different companies the group’s activities comes from the need to look for its “own resources”. According to Alemany, the other reason is more related to the type of business. Saba will run smaller business, often linked to municipal concessions. The last reason is the search for new capital, after “splendid years” for Abertis. Saba, which will run the parking and logistic parks businesses, represents 4.6% of the group’s consolidated revenues and 5.8% of the total assets. Abertis CEO, Francisco Reynés, said that Abertis will keep a tight control of Saba for a “not necessary long time, but for as long as necessary”. This control will be made by a pack of shares.
“A pleasure” to participate in Barcelona’s airport future if the offer “is good”
Regarding an eventual participation of Abertis in the future privatisation of Barcelona-El Prat Airport, Alemany said that it would be “a pleasure” to have a role in the operation if “the terms of reference and the offer are good”, as the company would do in any other call for tenders.