Spain's ACS offers €10bn for Italy's largest motorway
Spanish construction firm ACS has made an offer to Italian transport company Atlantia of up to €10 billion to buy its 88% stake in the country's largest motorway network.
The Madrid-based company said it had sent a letter to Atlantia's board of directors in an attempt to outbid several other investors as part of a years-long debacle over the future of the Autostrade per l’Italia network.
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ACS chairman Florentino Perez values a 100% stake in Autostrade at between €9 billion and €10 billion, which represents the maximum amount of the money the company may have to pay to gain its majority stake.
The Italian firm has been facing pressure to relinquish its stake in the motorway following the collapse of the Morandi bridge in 2018, which killed 43 people.
The remains of the bridge - which ran across the Autostrade - were cleared in 2019. Its replacement, the Genoa-Saint George Bridge, was inaugurated a year later in August 2020.
In the letter, Perez mentioned a unique opportunity for Atlantia and the potential for a merger to create the world's largest motorway company.
He said: “Given the close relationship between our groups following the successful joint acquisition of Abertis, ACS has been following the Autostrade situation during the last months and we believe [the motorway] is a very interesting asset that perfectly fits ACS’s long-term strategy."
He added he would also be willing to include other investors in the offer, including Italian state-owned Cassa Depositi e Prestiti (CDP), which has been working on a rival offer.
CDP is heading a team of investors which presented its bid last week.
The state-owned firm values the share at around €9.1 billion, according to sources. Reuters reports CDP has asked Atlantia to cover as much as €870 in potential legal fees stemming from the bridge disaster.
Atlantia's shares rose slightly once the news of the investments broke, particularly once ACS showed interest.
The company revealed on Thursday it was considering CDP's offer, while also acknowledging ACS's bid. It is reportedly forming a committee to analyse ACS's intentions.
ACS recently sold its energy division to Vinci as the French construction giant looks to expand its business into renewables.
Read more: Vinci moves into renewables with ACS energy acquisition
This deal may offer ACS an injection of new funds with which they can attempt to set up its pan-European motorway network.
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