The European Commission said Friday it has approved Italian toll-road operator Atlantia SpA's (ATL.MI) proposed takeover of Spain's Abertis Infraestructuras SA (ABE.MC).
In a press release the Commission said the proposed transaction raised no competition concerns due to the presence of significant competitors in the market, a lack of geographical overlaps between the two companies' road networks and the fact that toll-road concessions are a highly regulated market.
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Atlantia received approval for its 16.3 billion euros ($19.3 billion) offer from the Spanish market regulator on Monday. Any further suitors now have until Oct. 24 to submit rival bids.
Various media sources have reported that Spain's Actividades de Construccion y Servicios SA (ACS.MC) is likely to launch a counterbid next week.
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(END) Dow Jones Newswires
October 13, 2017 05:30 ET (09:30 GMT)