Abertis: Italy's Atlantia to launch cash and stock offer.

(CercleFinance.com) - Italian motorway and airport operator Atlantia S.
p.A. said on Monday that it is going to launch a cash and stock offer for Abertis, valuing the Spanish infrastructure group at around 16.3 billion euros.

The Benetton family-owned group has decided to launch a voluntary tender offer on the entire capital of Abertis Infraestructuras, based on a full cash consideration of 16.5 euros for each share.

Shareholders will also have the possibility to opt, in part or in full, for a "partial share alternative" at an exchange ratio of 0.697 Atlantia shares in exchange for each Abertis share.

Atlantia said the offer aims to create "one of the worldwide leaders in transport infrastructure".

"Over the past weeks we have worked to design an offer that is friendly and attractive for all shareholders, stakeholders and the management of both companies," said Atlantia CEO, Giovanni Castellucci.

The offer is not aimed at delisting Abertis shares, with Atlantia not planning to exercise any full squeeze-out in case tenders reach 90% of the voting rights.

Abertis shares, which have risen by around 23 percent year-to-date, were down 0.6% at 16.3 euros in Madrid. Meanwhile, in Milan, Atlantia shares were up 1.7% at 24.7 euros.

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