Intermoney | ACS, along with its partners in Atlantia, will tomorrow approve at an EGM a 1 billion euros injection of cash for Abertis. The aim of the move is to provide the concessionary with more ammunition for new investments, according to the daily elEconomista. Meanwhile, the company is also analysing opportunities for refinancing its debt, in the face of rising interest rates. That said, it is still benefiting from…
Renta 4 | ACS, in agreement with Atlantia, have decided to write-off 1 billion euros of Abertis’ debt, allowing its own funds to increase by 40% and providing it with some support to tackle new investments. Valuation: News with no impact. We do not rule out that they continue to make moves which allow Abertis to obtain funds or assets which increases its position in the motorways business. Reiterate HOLD….
Intermoney | The Italian government has decided not to oppose the bid launched for Atlantia by the Benettons and Blackstone, according to the daily Cinco Dias. In theory, the Italian executive could have invoked the special powers it still has over Atlantia and other strategic sectors. However it has declined to do so. The price of the bid is 23 euros in cash, which values the concessionary at some 19…
The management of the Italian airports of Fiumicino and Ciampino, and the control of the toll payment system Telepass, make Atlantia a strategic company for Italy, as the Spanish newspaper 5 Días recalls today. And Mario Draghi’s government, according to various stock market analysts, will not hesitate to use all its influence to prevent the infrastructure operator from ending up in foreign hands. This is one of the barriers threatening…
ACS is considering launching an offer to acquire the Italian concessionaire Atlantia, the Spanish company’s partner in Abertis, according to Bloomberg on Wednesday and confirmed late in the afternoon by the Spanish construction company. The group headed by Florentino Pérez has already hired advisors to analyse this operation in which it is considering taking over the Italian company’s motorways jointly with GIP and Brookfield. Atlantia’s capitalisation is close to 15.690…
Banc Sabadell | Italian infrastructure firm Atlantia would have made a bid valued at ~1 billion euros for 100% of Yunex (0.7% capitalisation of Siemens), according to Bloomberg. Yunex’s business focuses on mobility signalling. We recall that in the last few months a competitive sale process had started, including participants like KKR or Bridgepoint. This is positive news, although of limited impact, as it was already known that a sale…
Corporate activity in Spain is gaining momentum with ACS’s offer to buy the Italian concessionary group ASPI (Autostrade per l’a Italia) from its partner Atlantia. ASPI has 3,000 kilometres of toll roads. The aim is to create a giant in the concessions business, with the union of Autostrade and its subsidiary Abertis, and ACS would be willing to make the purchase in the company of other investors – there is talk of the Italian group CDP. The offer would be for 10 billion euros, exceeding that presented by the Italian public bank CDP, which has the backing of the Italian government, and the funds Blackstone and Macquarie.
Of the total of this initial loan, 3 billion euros will remain in the company, 2.2 billion will be repaid in the short term through asset disinvestment like the sale of Hispasat and 29.9% of Cellnex (already completed in June), while another tranche of 4.75 billion will be financed with bonds.
Santander | After the collapse of the Morandi bridge in Genoa, the Italian government has begun the process of terminating ASPI´s concession. The management team could try to negotiate possible solutions to avoid the termination, despite the protection offered by the terms of the contract.
Spain’s stock market regulator yesterday accepted Atlantia’s bid for Abertis, acknowledging that the content of the explanatory document presented by the Italian company is sufficient and in line with current regulations. The approval also gives Atlantia the possibility of improving its offer and establishes the period for ACS to consider its eventual competing bid.