ACS to Launch Counterbid for Abertis Next Week -Reuters

Madrid-based construction company Actividades de Construccion y Servicios SA (ACS.MC) will launch a cash-and-share offer next week for Spanish toll-road operator Abertis Infraestructuras SA (ABE.MC), rivaling a previous bid from Italy's Atlantia SpA (ATL.MI), according to a report by Reuters that cites sources.

The offer will be half in cash and half in newly issued shares in ACS's German subsidiary Hochtief AG (HOT.XE), according to the sources cited by the agency. The article doesn't mention a potential deal value.

According to the article, people close to the matter said that Hochtief's supervisory board would meet to discuss the issue next Wednesday.

ACS wasn't immediately available for comment and Hochtief declined to comment on the story.

Atlantia received regulatory approval on Monday for its 16.3 billion euros ($19.3 billion) bid. Any further potential suitors now have until Oct. 24 to submit their bids.

Write to Nathan Allen at

(END) Dow Jones Newswires

October 13, 2017 04:49 ET (08:49 GMT)