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    ATL   IT0003506190

ATLANTIA SPA

(ATL)
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ACS seeks to present binding bid for Atlantia's unit in reasonable time

04/16/2021 | 12:21pm EDT

MILAN, April 16 (Reuters) - ACS intends to present a binding bid for Atlantia's motorway unit within a reasonable time frame, the Spanish company wrote in its second letter to the Italian group, two sources said on Friday.

In its communication the Spanish group headed by businessman Florentino Perez said it aimed at starting due diligence for Autostrade with the support of Societe Generale, the sources added. It did not specify exactly how quickly it would proceed with any bid for a business it values at 9-10 billion euros ($10.8-$12 billion).

ACS, a partner of Atlantia in the management of Spanish toll-road operator Abertis, last week expressed interest in the 88% stake the Italian group owns in the Autostrade per l'Italia business. Its move risks complicating government-backed plans to reclaim the asset.

Rome is currently backing a binding offer prepared by a consortium of investors headed by Italian state lender CDP.

Talks with Atlantia, which is controlled by the Benetton family, and the CDP-led consortium are part of an effort to end a dispute triggered by the deadly collapse of a bridge run by Autostrade in 2018.

Two sources said that in this second message, the Spanish company repeated it was interested in winning the support of the Italian government for a potential transaction.

The latest letter from ACS arrived on Friday as the board of Atlantia decided to call an ordinary shareholder meeting on May 28 to examine the bid submitted by CDP and its partners, Macquarie and Blackstone.

Atlantia said it would hold another board meeting next week to examine the CDP-led consortium bid "in order to ensure that all aspects of the background, the deal, the board's own views on the fairness of the offer and any alternative scenarios are covered in the explanatory report" for shareholders.

"The board will thus have the opportunity to evaluate any changes to the offer that the CDP-led consortium might submit," the infrastructure group said in a statement.

Some investors in Atlantia, including hedge fund TCI, have said that the offer from the consortium, which is based on a valuation of Autostrade equal to 9.1 billion euros, is too low.

The board of Atlantia will take a final decision on the matter only by May 28, it said. ($1 = 0.8349 euros) (Additional reporting by Clara-Laeila Laudette and Jesus Aguado in Madrid; Editing by Keith Weir)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ACS, ACTIVIDADES DE CONSTRUCCION Y SERVICIOS, S.A. -3.07% 27.58 Delayed Quote.4.42%
ALLIANZ SE -1.79% 211.6 Delayed Quote.7.22%
ATLANTIA SPA -0.56% 16.1 Delayed Quote.9.75%
MACQUARIE GROUP LIMITED -0.35% 158.45 End-of-day quote.14.42%
SOCIÉTÉ GÉNÉRALE -0.88% 25.4 Real-time Quote.50.60%
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Financials
Sales 2021 9 630 M 11 700 M 11 700 M
Net income 2021 282 M 343 M 343 M
Net Debt 2021 38 605 M 46 906 M 46 906 M
P/E ratio 2021 58,8x
Yield 2021 3,97%
Capitalization 13 224 M 16 082 M 16 068 M
EV / Sales 2021 5,38x
EV / Sales 2022 4,71x
Nbr of Employees 29 373
Free-Float 55,7%
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Mean consensus HOLD
Number of Analysts 13
Average target price 17,79 €
Last Close Price 16,15 €
Spread / Highest target 32,5%
Spread / Average Target 10,2%
Spread / Lowest Target -8,36%
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Managers and Directors
NameTitle
Carlo Bertazzo Chief Executive Officer & Executive Director
Tiziano Ceccarani Chief Financial Officer
Fabio Cerchiai Chairman
Guglielmo Bove Executive VP, Head-Group Compliance & Security
Nicola Bruno Head-International Administration