Blogs and advice from Industry leading Specialists
Valuable Opinions, Comments & Gossip
Financial related News & Articles relating to Spain
Latest News, Stories
& Hot Topics
Various Tools & Widgets to help with your financial needs
Tools & Widgets to
help with finances
Polls, Surveys and Opinions featured throughout Tumbit
Featured Polls, Surveys & Stats
Discussions, Advice & Topical Chat
Discussions, Advice & Topical Chat

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.

Comment on this Story

Be the first to comment on this Story !!

Related Partners

Recommended Items

Related Articles

Related Blogs