2-8-18 6:17 AM EST | Email Article

By Alberto Delclaux

 

Abertis Infraestructuras SA (ABE.MC) will propose selling its 57% stake in Hispasat to Red Electrica Corp SA (REE.MC) at its annual shareholder's meeting on March 13, the Spanish toll-road operator said Thursday.

Even if shareholders approve the proposal, the sale would still hinge on Red Electrica following through on earlier interest it expressed in buying Hispasat, a satellite operator. Abertis would accept an offer of at least 656 million euros ($809.1 million) for the 57% stake in Hispasat, it said, adding that the sale would also require government authorization.

Abertis is itself the subject of a bidding war between Italian infrastructure group Atlantia SpA (ATL.MI) and Hochtief AG (HOT.XE), which is controlled by Spanish construction company Actividades de Construccion y Servicios SA (ACS.MC).

The stake in Hispasat is one of the main hurdles in the bidding war, as both bids are awaiting government authorization with respect to Hispasat, which is considered a strategically important national asset.

Further complicating matters, Abertis agreed in May to buy a 34% stake in Hispasat from Eutelsat Communications (ETL.FR) in a deal that still hasn't received government approval. Abertis said Thursday that it will propose to shareholders that Red Electrica assume the obligation to buy the stake.

 

Write to Alberto Delclaux at alberto.delclaux@dowjones.com

 

(END) Dow Jones Newswires

February 08, 2018 06:17 ET (11:17 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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