Spanish Ministries Request Atlantia Bid For Abertis to Be Revoked

12/07/17 01:20 PM EST

By Alberto Delclaux

 

Two Spanish ministries requested the country's market authority to annul or revoke its authorization of the Atlantia SpA (ATL.MI) bid for Abertis Infraestructuras SA (ABE.MC), the market authority said Thursday.

The Ministry of Energy, Tourism and Digital Agenda and the Ministry of Public Works say the deal should not have been given the green light by the National Securities Market Commission--Spain's market regulator--without their prior consent. The ministries said that Atlantia should have asked for their authorization to take control over the Abertis-owned Spanish highway concessionaires and Hispasat SA, which operates satellites. The ministries are now requesting Atlantia asks for government authorization.

The market authority has a month to answer, it said.

The Ministry of Public Works said that Hochtief AG (HOT.XE)--the other bidder for Abertis--had sent a an authorization request to the two ministries, which is currently being reviewed.

According to the National Securities Market Commission, the acceptance period for Atlantia's bid is currently on hold until the competing offer presented by Hochtief is greenlit by the market authority.

 

Write to Alberto Delclaux at alberto.delclaux@dowjones.com

 

(END) Dow Jones Newswires

December 07, 2017 13:20 ET (18:20 GMT)

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