The stock market likes Florentino Perez’s move. At Piazza Affari, keep running Atlantia after having received an expression of interest from Acs to acquire a stake in Aspi. A decision by the owner of Real Madrid which, potentially, could clearing up the cards of the dealership’s current sales procedure on which the only offer in the field is that of Cdp-Fondo, who just before Easter submitted a binding offer now being examined by the board of Atlantia and its members advisor.
Is exactly the prospect of a possible price competition or, in general, of a reshuffling of the cards, to favor purchases on the stock market with the stock that after the blaze yesterday today opened again up by 2.5%, and then to slow down to + 1.3% at 16.5 euros, however at the highest levels since March 2020.
In its letter, Acs would initially value 100% of Aspi 9-10 billion, and its interest would be bound to the approval of the Pef by the Government, and to the ok by the competent authorities for the reorganization.
Furthermore, Acs would be available at the entry of Cdp and other investors in the consortium and would like to see the Aspi-Abertis merger at a later date. The analysts of Equita point out that on the one hand, the interest of Acs would not be on the entire 88% stake in Aspi held by Atlantia, unlike the offer of Cdp-Fondo, while the initial valuation would be 4-15% higher than that of Cdp (adjusted for guarantees and potential relief for Covid-19).
“It will be important to verify which share Acs would like to acquire of Aspi, if it will be joined by other funds in the deal and what adjustments it will make to the valuation of Aspi after any due diligence “, have added the analysts of the broker. Which continue: “The merger of Aspi with Abertis would be positive for the latter, allowing it to lengthen the duration of concessions. Based on our calculations, if the Aspi-Abertis merger is reached in the future and Acs wants to keep the same stake as Atlantia in the new Abertis, it should acquire a 42-44% stake in Atlantia “.
In any case, the board of directors of holding infrastructural – supported by its own advisors – will also examine the expression of interest of Acs in parallel with the binding proposal of Cdp-Fondo. “Hot” weeks are announced for the dossier and the purchases on the Atlantia stock are the direct consequence.