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Bidding War Erupts In World's Largest M&A Deal of 2017

  • Builder ACS uses Hochtief unit to bid for toll-road operator
  • Proposed combination would keep Abertis in Spanish hands
Automobiles queue to pay at toll booths operated by Abertis Infraestructuras SA on a highway in Granollers, Spain, on Thursday, May 27, 2015.

Automobiles queue to pay at toll booths operated by Abertis Infraestructuras SA on a highway in Granollers, Spain, on Thursday, May 27, 2015.

Photographer: Pau Barrena /Bloomberg
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Builder ACS offered 18.6 billion euros ($21.9 billion) for Abertis Infraestructuras SA, topping a bid from Italy’s Atlantia SpA with a proposal that would keep the toll-road operator in Spanish hands and diversify its construction business.

ACS’s publicly traded German unit, Hochtief AG, is offering 18.76 euros a share in cash, the Essen, Germany-based company said in a statement Wednesday. Alternatively, Abertis investors can choose Hochtief stock that’s currently worth about 19.71 euros a share. The proposal compares with a 16.3 billion-euro bid from Atlantia, consisting of 16.50 euros a share in cash or Atlantia stock now worth about 18.82 euros.