March 13, 2018 / 7:30 PM / 3 months ago

Italy's Atlantia and ACS reach agreement over joint control of Abertis

ROME, March 13 (Reuters) - Italy’s Atlantia and Spanish builder ACS have reached an agreement over taking joint control of toll road operator Abertis, a source said on Tuesday.

Atlantia and ACS had been locked in a bidding war for Abertis, with the Spanish government concerned an Italian victory could leave some of the country’s most important transport arteries under foreign control.

The source, with knowledge of the matter, said a deal had been signed but did not give further details.

Reuters reported earlier on Tuesday that the deal would see ACS buying Abertis in a cash-and-share offer through its German arm Hochtief, with Atlantia withdrawing its competing bid for the Spanish group.

Abertis would then be delisted and ACS would transfer the ownership to a new company jointly owned with Atlantia.

Atlantia, controlled by the Benetton family, and ACS, led by Real Madrid soccer club Chairman Florentino Perez, entered talks for joint control after a four-month bid battle. (Reporting by Stefano Bernabei, writing by Giulia Segreti; Editing by Crispian Balmer)

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