A PYMNTS Company

Italy: Atlantia makes $18 billion toll road bid for Spain’s Abertis

By  |  May 15, 2017

Italy’s Atlantia bid 16.3 billion euros ($18 billion) for Abertis on Monday to create the world’s biggest toll road operator, but still needs the full backing of the Spanish firm’s top shareholder if it is to succeed.

Both companies are trying to shift away from their home markets and had previously agreed a deal in 2006, but this fell through due to Italian government opposition.

While Atlantia said Monday’s cash-and share offer was friendly and the two have been in talks for weeks, Abertis said the bid had not been solicited and that it would not respond until it is legally obliged to do so.

A source close to its largest shareholder Criteria, the holding company that controls Spanish lender Caixabank, said a response could take weeks or even months.

Giovanni Castellucci, Atlantia’s chief executive, acknowledged that he had yet to reach a formal agreement with Abertis or Caixabank.

Full Content: Fox Business

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.