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...He expected Atlantia’s board “to engage promptly and professionally to explore the opportunity of a combination of Abertis and ASPI.”...
...Atlantia owns stakes that include Spanish toll road operator Abertis and airports in Rome and the Côte d’Azur. The Benetton stake has been worth around €4.5bn....
...ACS has its eye on an additional prize: Atlantia’s half of the pair’s Abertis motorway joint venture....
...It also controls Spanish infrastructure company Abertis....
...That means both ACS and Atlantia hold significant stakes in Abertis. So one could presume Pérez’s plan is to buy the Italian motorways group, then merge ASPI with Abertis at a later date....
...Five years ago a telecoms infrastructure business that was an unloved part of Spanish toll road group Abertis was cast aside and floated at a modest €3bn valuation....
...Mr Bertazzo highlighted important fundraisings in the capital markets for Atlantia, which owns a 50 per cent-plus one share stake in Abertis, the Spanish multinational that operates toll roads and car parks...
...It was Key, founded in 2010, that helped design a previous ACS transaction with Atlantia, in which the two groups jointly purchased the Spanish toll road group Abertis in 2018 — without calling on ACS’s...
...Cellnex’s rise from an obscure wing of Spanish toll road company Abertis to a company capable of spending €10bn via a mix of equity and debt only five years after listing is remarkable....
...This is because of a bonus tied to the company’s purchase of Spanish infrastructure group Abertis, which closed last year....
...It came 12 years after Abertis failed to take over Atlantia, a source of satisfaction for Mr Castellucci. His tough negotiating stance may have paid dividends for Atlantia....
...Under Mr Castellucci’s leadership, Atlantia made a string of foreign acquisitions, including the purchase of Spain’s Abertis last year....
...According to Standard & Poor’s, as of December 31 2018, Atlantia’s capital structure included €46bn of debt of which €5.7bn was held at Atlantia level, €11bn at Autostrade level and the remaining €26.5bn at Abertis...
...Luciano Benetton, also 83, expanded the Benetton family’s toll road group Atlantia into Spain with the acquisition of Abertis....
...Substitute operators are scarce, following Atlantia’s deal to jointly control Spanish toll road operator Abertis with Spain’s ACS....
...Atlantia and ACS had previously spent months competing with each other to take over Abertis by themselves, making a series of escalating bids....
...Shares in Abertis were down 4 per cent, however....
...Abertis relies on the Spanish government renewing its highway concessions. But the announcement on Wednesday goes beyond just a deal to split the ownership of Abertis....
...The biggest winners are Abertis shareholders....
...The Spanish government has approved a takeover bid by Italian motorway operator Atlantia for Spanish rival Abertis in a move that will help quell fears that the offer was running into political headwinds...
...A €14bn deal struck this year for Atlantia to acquire Spanish infrastructure group Abertis was intended to be the apogee of Benetton’s entrepreneurial life....
...The battle for control of Abertis will probably be decided in the first half of next year....
...assets, which are performing strongly, would be transferred to Abertis....
...Abertis is the world’s largest toll road operator....
...The offer is €18.76 for each Abertis share or 0.1281 newly-issued Hochtief shares for each Abertis share....
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