Atlantia to Seek Spanish Government Approval for Abertis Bid

Italy's Atlantia SpA (ATL.MI) said Thursday it will seek formal authorization from the Spanish government to continue with its takeover bid for Abertis Infraestructuras SA (ABE.MC).

The Italian company said it would make a direct request to the ministries out of respect for Spain's institutions and to avoid slowing down the bidding process.

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Spain's Ministry of Energy, Tourism and Digital Agenda and Ministry of Public Works earlier this month said Atlantia was legally obliged to seek their authorization for the 16.3-billion-euro ($19.33 billion) bid it submitted in May.

The ministries also requested that Spain's market regulator--the CNMV--revoke its approval of the bid.

Atlantia said it had full confidence in the Spanish government's ability to provide a neutral, efficient and objective evaluation of its request.

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(END) Dow Jones Newswires

December 21, 2017 13:36 ET (18:36 GMT)