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ACS and Atlanticia capture with its OPA 78.8% of Abertis, so it continues to quote

The offer does not reach 90% of the capital of the highway concessionaire so at the moment is not outside the parquet

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ACS and Atlanticia capture with its OPA 78.8% of Abertis, so it continues to quote

ACS and Atlanticia have made 78.79% of Abertis ' share capital through public procurement offer (OPA) that Hochtief, a German subsidiary of group chaired by Florentino Pérez, launched on motorway concessionaire after agreement reached by Spanish and Italian groups to present a joint offer, as reported by National Securities Market Commission (CNMV).

The OPA has been accepted by 780,310,000 of Abertis shares which, at price of 18.36 euros per share of offer, will entail a cash disbursement of 14,326,000,000 euros, to control this 78.8% of capital and 85.6% if portfolio is discounted.

Since degree of acceptance exceeds 50% of capital to which operation was contingent, supply of ACS and Atlanticia has been successfully closed, but having failed to achieve minimum percentage of acceptance of 90% of capital, Compraven procedure cannot be activated. Compulsory TA of remaining securities to be excluded from stock exchange.

Deadlines

In this way, Abertis will continue to quote in stock market (although it will leave Ibex) while process begins to buy titles that did not come to offer, which may lead to convening of an extraordinary shareholders ' meeting of Abertis, so conclusion Of operation will be delayed until beginning of third quarter of year, depending on degree of acceptance.

After takeover bid, a joint venture will be formed by Atlanticia, ACS and Hochtief to channel ownership and management of motorway company and HISPASAT satellite subsidiary, although it will be necessary to have Government authorized to take Highways that this company has in Spain, permission that were already granted when re were two competing takeover bids.

The financing of operation is ensured with contribution of 7 billion euros that Atlanticia, ACS and Hochtief will inject to ir instrumental society and with signing of a credit of 10 billion euros signed with a score of banks that finance Hochtief The OPA, including Spanish Bankia, Santander, BBVA and CaixaBank. The funds that are obtained from selling subsidiaries of Abertis Cellnex and Hispasat will dampen financial impact of operation.

The Spanish-Italian alliance in Abertis will be signed for a period of ten years. However, from fifth year y have possibility to sell titles, with corresponding purchase rights, and envisages possibility of bringing group back to market in eight-year horizon.

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