Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Bolsa de Madrid  >  Abertis Infraestructuras S.A.    ABE   ES0111845014

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets 

Atlantia says takeover bid for Abertis can only be friendly

share with twitter share with LinkedIn share with facebook
share via e-mail
0
04/21/2017 | 06:16pm CEST

Italian toll-road operator Atlantia (>> Atlantia SpA) is interested in acquiring Spain's Abertis (>> Abertis Infraestructuras S.A.), but only if a deal can be agreed, and does not see a need to sell any of Abertis's assets to fund it, Atlantia's chief executive said on Friday.

Italian toll-road operator Atlantia (>> Atlantia SpA) is interested in acquiring Spain's Abertis (>> Abertis Infraestructuras S.A.), but only if a deal can be agreed, and does not see a need to sell any of Abertis's assets to fund it, Atlantia's chief executive said on Friday.

A tie-up between Abertis and Atlantia, which is 30-percent controlled by the Benetton family, would create one of the biggest infrastructure groups in Europe with a total market value of around 36 billion euros (30.11 billion pounds).

A takeover would also give the Italian group a broader reach with the combined group generating around 60 percent of its core profits outside Italy.

"The project we have discussed in a preliminary phase with Abertis's management ... sees substantial growth for the two companies," Atlantia's CEO Giovanni Castellucci told a shareholder meeting in Rome.

He added that the Italian toll-road operator was interested in a deal with Abertis only if it involved the Spanish group's top shareholder La Caixa, the country's third biggest bank.

"We are interested only in a friendly operation," he said.

Castellucci also said that the group, which operates Rome's two airports and around 5,000 kms of toll motorways, would not put at risk its dividend policy for the sake of a deal.

The two companies confirmed talks about a possible tie-up on Tuesday following media reports that Atlantia was considering buying Abertis. A source close to the matter said a bid would likely entail a cash and share offer.

Analysts have said Atlantia could partly fund the deal by selling some of Abertis's assets, including stakes in telecom masts group Cellnex (>> Cellnex Telecom SA) and satellite communications operator Hispsat. Castellucci, however, said this was not an option.

"To plan a deal on the basis of the disposal of significant assets would be a mistake," he said.

He refused to put a price tag on a deal, but said the current market valuation of Abertis, which is around 16 billion euros, appeared to price in a deal between the two groups. He called media speculation of a higher valuation for the Spanish group "fantasy", adding that the media leaks had accelerated the possible bid process.

Italian newspaper Il Sole 24 Ore said on Friday Atlantia could pay 75 percent of the deal in cash, with the rest in shares and the company was sounding out banks to obtain financing for around 8 billion euros.

More than 2 billion euros of additional cash are expected to come from Atlantia's planned sale of a stake in its motorway unit Autostrade per l'Italia.

Castellucci said the group would discuss binding offers it has received for the stake at its next board meeting.

(Writing by Francesca Landini; Editing by Greg Mahlich)

By Stefano Bernabei

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on ABERTIS INFRAESTRUCTURAS S
04/24 ABERTIS INFRAESTRUCTURAS S A : The Company informs that it has reached an agreem..
04/24 ABERTIS INFRAESTRUCTURAS S A : reaches 100% stake in its subsidiary in France (H..
04/21 Atlantia says takeover bid for Abertis can only be friendly
04/21 ABERTIS INFRAESTRUCTURAS S A : Emergency telephones
04/21 ABERTIS INFRAESTRUCTURAS S A : Fences
04/21 ABERTIS INFRAESTRUCTURAS S A : increases its share in its subsidiary in France u..
04/21 ABERTIS INFRAESTRUCTURAS S A : The Company informs that it has reached an agreem..
04/19 ABERTIS INFRAESTRUCTURAS S A : Motorway service area construction work
04/19 ABERTIS INFRAESTRUCTURAS S A : The Company sends supplementary information to th..
04/18 Italy's Atlantia mulling takeover of Spain's Abertis - source
More news
Sector news : Highways & Rail Tracks - NEC
04/21 Atlantia says takeover bid for Abertis can only be friendly
04/18 Italy's Atlantia mulling takeover of Spain's Abertis - source
03/26 Brazil's Andrade Gutierrez tries to sell Cemig, other stakes - report
03/06 GROUPE EUROTUNNEL : Aquind confident on $1.4 billion France-UK power link despit..
02/10DJCCR : Brazil's CCR Raises BRL4.07 Billion via Share Sale
More sector news : Highways & Rail Tracks - NEC
News from SeekingAlpha
04/04 Abertis Infraestructuras (ABFOF) Investor Presentation - Slideshow
2016 AUTOSTRADA : Fourth-Largest Toll Road Operator Trading At A 30% Discount
2015 TELECOM ITALIA : No Inwit offers so far
2015 Cellnex and F2i nearing $1.2B bid for Inwit stake
2015 Telecom Italia board instructs CEO to explore Inwit sale
Advertisement
Financials (€)
Sales 2017 5 644 M
EBIT 2017 2 203 M
Net income 2017 851 M
Debt 2017 12 789 M
Yield 2017 5,02%
P/E ratio 2017 17,76
P/E ratio 2018 15,93
EV / Sales 2017 5,06x
EV / Sales 2018 4,79x
Capitalization 15 782 M
More Financials
Chart ABERTIS INFRAESTRUCTURAS S
Duration : Period :
Abertis Infraestructuras S Technical Analysis Chart | ABE | ES0111845014 | 4-Traders
Full-screen chart
Technical analysis trends ABERTIS INFRAESTR...
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 25
Average target price 14,8 €
Spread / Average Target -5,3%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Francisco Miguel Reynés Massanet Vice Chairman & Chief Executive Officer
Salvador Alemany Más Chairman
Francisco José Aljaro Navarro Chief Financial & Corporate Development Officer
Carmen Godia Bull Director
Marcelino Armenter Vidal Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
ABERTIS INFRAESTRUCTUR..17.64%16 925
ATLANTIA SPA-0.54%19 608
BROOKFIELD INFRASTRUCT..15.24%10 007
JIANGSU EXPRESSWAY CO ..12.87%7 076
GROUPE EUROTUNNEL7.10%5 707
SOCIETA INIZIATIVE AUT..10.74%2 189
More Results