ACS-owned Hochtief, has unveiled a €17.1 billion (US$21.9 billion) offer for  Abertis Infraestructuras SA, topping a bid from Italy’s Atlantia SpA.

German-based Hochtief AG is is offering €18.76 in cash for each Abertis share and has set a minimum acceptance threshold of 50 percent plus one share.  With this proposal the toll-road operator would keep in Spanish hands. 

As we reported in mid May, Atlantia announced the decision to launch a voluntary tender offer on the entire issued share capital of Abertis Infraestructuras.

The offer was based on a full cash consideration of €16.5 for each share tendered, with the possibility for the shareholders of Abertis to opt, in part or in full, for a “Partial Share Alternative” (PSA). The total value of the offer was around €15.7 billion.

Abertis is an international market leader in the management of toll roads, managing over 8,600 kilometers of high capacity and quality roads over the world.

Its ongoing internationalization process has led Abertis to be present in 14 countries in Europe, the Americas and Asia. Abertis is the first national toll road operator in countries such Spain and Chile, and has a highlighted presence in France, Brazil, Italy and Puerto Rico. The company also has a stake in more than 700 kilometers through different concessionaires in United Kingdom, Argentina and Colombia.