Chris Hughes, Columnist

Real Madrid's Boss Has Protectionism On His Side

Italy's Benetton family may have to pay up to win Spain's Abertis.

January 24, 2018 at 12:00 PM UTC

Chris Hughes is a Bloomberg Opinion columnist covering deals. Previously, he worked for Reuters Breakingviews, the Financial Times and the Independent newspaper.

1516793924_flo — Photographer: Angel Martinez/Real Madrid via Getty Images

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One of Europe's biggest running takeovers is at risk of becoming better known as a victory for protectionism. Spain is stepping up efforts to prevent toll-road operator Abertis Infraestructuras SA being bought by Atlantia Spa, the Italian peer backed by the Benetton family, Bloomberg News reported on Tuesday. Even if Madrid doesn't succeed in this goal, it may deter future foreign bids.

Atlantia made a cash and shares offer for Abertis in May, worth 16.8 billion euros ($21 billion) for the equity based on its current share price. In October, a Spanish-flavored alternative emerged after Florentino Perez, president of the Real Madrid soccer club, assembled an offer worth about 18.6 billion euros.