Reuters reports this morning that Atlantia “has tapped a consortium of banks to finance an upcoming cash-and-share bid for Spanish rival Abertis,” sources “close to the matter” say. “Atlantia is set to hold a board meeting [today, April 27] and may give the green light to a formal bid for Abertis, another source said, cautioning no deal was certain.” The companies combined would create “an industry giant with a market value of more than 35 billion euros ($38.17 billion).”
Yesterday, April 26, Abertis “reported rising earnings . . . and said it had received no concrete offer from Italian rival Atlantia after the companies held preliminary talks on a possible takeover,” according to Reuters. Abertis’ CFO reportedly told participants in an earnings conference call, “No possible valuation has been specified, nor has any transaction price or other condition been set.” He added that Abertis is “a passive subject” and does not know whether a transaction will take place.