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CVC preparing takeover bid for Spain's Abertis

Source: Reuters - Mon 20th Dec 2010
British private equity group CVC is putting together a 12 billion euros takeover bid for Spanish infrastructure company Abertis, The Sunday Times reported without citing sources.

CVC Capital Partners bought a 15.5% stake - for 1.7 billion euros - in the toll-road operator in August from Spanish builder ACS, which retained an indirect holding of 10.28%.

An earlier three-way deal involving CVC, ACS and savings bank La Caixa, which controls a 28% stake in Abertis, to launch a debt-funded buyout fell apart in July after banks baulked at the 5 billion euros of credit required.

La Caixa said when the CVC-ACS deal was agreed that it would remain a core shareholder in Abertis.

Discussion on financing had resumed, and CVC was expected to make an approach in January, The Sunday Times said.

A person familiar with the matter told Reuters that CVC had been working on the debt since its previous bid failed in the summer, and it would launch a new bid when it had the financing in place.

CVC needs Abertis to be unlisted in order for it to work as a private equity investment and to transfer a stake to its infrastructure fund, according to the source, but another source with knowledge of the plans said a deal did not appear imminent.

CVC, Abertis, La Caixa and ACS all declined to comment on the report.

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