Atlantia Confirms Preliminary Talks With ACS on Joint Abertis Bid
By Nathan Allen
Atlantia SpA (ATL.MI) said Thursday that it has held preliminary talks with Actividades de Construccion y Servicios SA ACS.MC) over a joint offer for Abertis Infraestructuras SA (ABE.MC), confirming Spanish media reports.
ACS also confirmed the talks in a filing sent to the market regulator early Thursday.
Spanish newspaper Expansion reported that Atlantia and ACS are looking to reach a joint-ownership agreement for Abertis in order to avoid prolonging the bidding war that has driven up Abertis's share price by 35% since May.
The newspaper reported that the two companies would split Abertis's Spanish and international assets between themselves.
However, ACS and Atlantia said they hadn't reached a definitive agreement.
Banking foundation La Caixa, which through holding company Criteria Caixa owns 22% of Abertis, is also involved in the talks, according to Expansion.
Shares in Abertis fell 3.7% in early trade on the news, while ACS and Atlantia stock rose 7.8% and 5.2% respectively.
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(END) Dow Jones Newswires
March 08, 2018 03:47 ET (08:47 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.