Abertis shareholders back takeover

The ACS-Hochtief and Atlantia joint venture has received the green light from Abertis shareholders to proceed with the takeover.

A majority (78.79%) of Abertis shareholders have accepted the 100% takeover proposed by ACS-Hochtief and Atlantia.

The acceptance goes up to 85.60% counting Abertis treasury stock.

The deal needed a minimum of 50% of shareholders to agree and is now expected to be settled in the next two working days with a payment of €18.36 per share to Abertis shareholders.

So far, 22 finance entities including JP Morgan, HSBC and Santander have secured $21.4bn for the takeover operation.  

However, Hochtief has not succeeded in getting 90% acceptance needed to proceed with the initial plans to acquire the remaining shares by force and remove Abertis from the stock exchange.

If Hochtief decides to continue with the plans the process to exclude Abertis from the stock exchange could take now over a month.

With the operation completed, ACS will own 30% of Abertis, Hochtief will own a 20% and Atlantia the remaining 50%. Atlantia will also have a 24.1% share of Hochtief.