Atlantia SpA yesterday launched a voluntary tender offer on all outstanding shares of Abertis Infraestructuras S.A. for €16.3 billion. Atlantia is planning to pay Abertis shareholders by cash (up to 90% of capital) and by special shares (up to 23% of capital). The voluntary tender offer is subject to a minimum acceptance of 10% of outstanding shares for a partial share offer and 50.1% acceptance overall. We view the friendly takeover as aligned with Atlantia's strategy of diversifying its business to reduce its exposure to Italy, making the group more flexible and better able to withstand country-specific shocks. We therefore see the transaction as positive from an operational perspective despite the increased exposure to Latin America's soft currencies. We expect
