Atlantia seeks govt approval for Abertis bid

Italian toll road operator Atlantia is to seek formal approval from the Spanish authorities for its takeover bid of rival firm Abertis.

Atlantia has announced plans to file an application to the Spanish Ministries of Public Works and Transport and Energy, Tourism and Digital Strategy, after the two bodies complained to financial regulator Comisión Nacional del Mercado de Valores (CNMV) that the firm did not request government approval for the €16.3bn bid. 

Atlantia said: “Atlantia has opted to file the respective authorisation applications before the ministries based on the interests of the market, of Abertis and of its shareholders, and as an expression of Atlantia’s respect for Spanish Institutions and in support of any effort to avoid delays in the tender offer procedure involving Abertis.” 

CNMV revealed in October that the acceptance period for Atlantia’s bid would run from 10-24 October.  

Just a week later, German contractor Hochtief launched a €17.1bn counterbid, with €18.76 for each Abertis share, also setting a minimum acceptance threshold of 50% plus one share.  

Earlier this summer, ACS confirmed to the CNMV that it was considering an offer for Abertis.