Brisa-Auto Estradas de Portugal SA advanced to the highest level in more than 10 months after Tagus Holdings Sarl registered its bid for Portugal’s biggest toll-road operator.
The stock climbed 1.9 percent to close at 2.70 euros in Lisbon, the highest price since Sept. 1. Tagus is offering 2.76 euros a share for Brisa.
“As we rule out any competitive bid, we would sell shares in Brisa as soon as the share price gets close to the offer period,” Joaquin Ferrer, a London-based analyst at Grupo Santander, said in a research report today.
Portuguese securities regulator CMVM yesterday said it registered the bid by Tagus for shares in Brisa. The offer period starts today and ends on Aug. 8.
Jose de Mello SGPS SA, a holding company for one of Portugal’s richest families, and Aeif Apollo Sarl last week raised their bid for Brisa to 2.76 euros a share. The bidders, through their Tagus venture, on March 29 had bid 2.66 euros a share. Aeif Apollo and Jose de Mello already own a combined stake of 50 percent in Brisa.