Italian Atlantia launches €16.3bn bid to buy Abertis

Barcelona (ACN).- Atlantia announced its decision on Monday to launch a tender offer on the entire share capital of Catalan company Abertis. A deal between both companies would create the largest toll road operator in Europe and one of the leading ones in the world. Italy’s Atlantia has offered to pay €16.50 a share and also includes another option in case shareholders decide to own stakes in the combined group: in that case, the exchange ratio would be set at 0.697 shares of Atlantia for each Abertis share tendered up to a maximum of 23.2% of the total offer.

“We have worked to design an offer that is friendly and attractive for all shareholders, stakeholders and the management of both companies,” said the Atlantia’s CEO, Giovanni Castellucci. “Should the offer be successful, the combined group will have very strong cash flow generation capacity as well as the ability to invest,” added Castellucci, pointing out that the new company would become “the most suitable partner to address the needs of the relevant institutions and customers” in its countries of operation.

Atlantia’s offer of €16.5 per share is five cents higher than the latest share value of Abertis on the market, which was set at €16.45 on Friday, May 12. In any case, the Italian group argues that the offer is 20% higher than the average price of Abertis shares during the six months before it announced its plans to study a bid.

The takeover is subject to approval by the Spanish and EU competence authorities and must also be accepted by at least 50% plus one of Abertis’ shareholders. Abertis manages more than 8,000 kilometers of toll roads in 14 countries.