ACS Is In Advanced Talks To Sell Abertis Stake To Abertis, Others
April 25 2012 - 4:10AM
Dow Jones News
Spanish construction company Actividades de Construccion y
Servicios SA (ACS.MC) said Wednesday it is in advanced talks to
sell its stake in Spanish toll-road concessionaire Abertis
Infraestructuras SA (ABE.MC) to the toll-road company and others as
it seeks to shore up its balance sheet.
ACS owns a 10.3% in Abertis according to FactSet and is facing a
liquidity crunch that has led it to sell off stakes in several
companies to strengthen its balance sheet.
Abertis said in a separate statement that it is authorized to
buy up to 5.3% of its own shares, and that it would consider
purchasing this stake from ACS if the company decides to sell
it.
Abertis said late Tuesday it has signed a letter of intent with
its smaller peer Obrascon Huarte Lain SA (OHL.MC) in which they
agreed that Abertis will integrate OHL's Brazilian unit, Obrascon
Huarte Lain Brasil, while OHL will become one of Abertis's core
shareholders, with a 10% stake.
Following the operation, which includes a separate deal to buy
OHL's toll-road concessions in Chile, Abertis will become the world
leader in the toll-road concession sector, operating over 7,500
kilometers. The assets Abertis will incorporate are nine toll-road
concessions in Brazil, totaling 3,227 kilometers, and three
concessions in Chile, totaling 342 kilometers.
ACS and Abertis shares are leading the Madrid stock market
higher. ACS shares are up 7.1% at EUR14.52, while Abertis is up
6.1% at EUR11.82.
-By Alex MacDonald, Dow Jones Newswires; +44 (0)7776 200 924;
alex.macdonald@dowjones.com
(Enza Tedesco in Buenos Aires and Art Patnaude in Madrid
contributed to this article.)
Caixabank (PK) (USOTC:CAIXY)
Historical Stock Chart
From Jun 2024 to Jul 2024
Caixabank (PK) (USOTC:CAIXY)
Historical Stock Chart
From Jul 2023 to Jul 2024