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Atlantia to meet Abertis in Italy this week on tie-up plans - sources
May 2, 2017 / 5:26 PM / 8 months ago

Atlantia to meet Abertis in Italy this week on tie-up plans - sources

MILAN, May 2 (Reuters) - Managers at Italian motorway group Atlantia and Spanish peer Abertis will meet this week in Italy to discuss plans for a tie up, two sources close to the matter said on Tuesday.

One of the sources said the meeting could be as early as Wednesday, with a view to announcing a deal before the end of May.

Atlantia and Abertis declined to comment.

Atlantia, controlled by the Benetton family, confirmed last week it was considering a deal with Abertis providing it was friendly and created shareholder value.

A merger would create one of the biggest infrastructure groups in Europe, with a market value of more than 35 billion euros ($38 billion).

Sources have told Reuters Atlantia has tapped banks to finance a cash-and-share bid for its rival.

The Atlantia offer could value Abertis at around 16 billion euros, according to some analyst estimates, with the Italian company paying about 11 billion euros in cash for a majority stake.

Atlantia, which is looking to expand its foreign business, agreed last week to sell 10 percent of its domestic motorway unit for 1.48 billion euros. ($1 = 0.9169 euros) (Reporting by Paola Arosio and Stefano Bernabei, writing by Stephen Jewkes)

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