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

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Atlantia says takeover bid for Abertis can only be friendly

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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

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Financials (€)
Sales 2017 5 627 M
EBIT 2017 2 213 M
Net income 2017 906 M
Debt 2017 14 317 M
Yield 2017 4,64%
P/E ratio 2017 18,20
P/E ratio 2018 15,89
EV / Sales 2017 5,47x
EV / Sales 2018 5,14x
Capitalization 16 490 M
Chart ABERTIS INFRAESTRUCTURAS
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Abertis Infraestructuras Technical Analysis Chart | ABE | ES0111845014 | 4-Traders
Technical analysis trends ABERTIS INFRAESTRUCTURAS
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 24
Average target price 15,7 €
Spread / Average Target -5,9%
EPS 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
Sector and Competitors
1st jan.Capitalization (M$)
ABERTIS INFRAESTRUCTURAS25.24%19 226
ATLANTIA15.90%24 445
BROOKFIELD INFRASTRUCTURE PARTNERS L.P.20.82%14 876
JIANGSU EXPRESSWAY CO LTD9.47%7 031
GROUPE EUROTUNNEL4.76%6 069
SOCIETA INIZIATIVE AUTOSTRADALI E SERVI38.15%2 945