Abertis Approached by Red Electrica for Hipasat Stake -- Update
October 10 2017 - 5:18AM
Dow Jones News
(Adds Red Electrica statement in the third paragraph)
By Nathan Allen
Spanish toll-road operator Abertis Infraestructuras SA (ABE.MC)
said Tuesday that Red Electrica Corp. SA (REE.MC) had shown an
interest in buying its 91% stake in satellite operator Hipasat SA,
confirming several days of press speculation.
However, Abertis said it hadn't received a firm offer from Red
Electrica and the board wasn't considering the approach.
Separately, Red Electrica said it is studying investments in
telecommunications infrastructure, and has had talks with Abertis
to gauge their interest in a sale. However, Red Electrica confirmed
it hasn't made a firm decision or considered any offer at the board
level.
The stake in Hipasat could fetch up to 1.72 billion euros ($2.02
billion) according to an analyst note from Banco de Sabadell SA
(SAB.MC) published in September.
In a separate release, the Spanish market regulator said it will
extend the review period for Atlantia SpA's (ATL.MI) takeover bid
for Abertis. The road operator now has until Oct. 24 to consider
the offer.
The bid, which was submitted in May and valued Abertis at around
EUR16.3 billion, received regulatory approval on Monday.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
October 10, 2017 05:03 ET (09:03 GMT)
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