27 Jan 2004
MANAGEMENT OF ABERTIS AND IBERPISTAS GET MERGER PROCESS UNDERWAY
The governing bodies of abertis and Iberpistas have commenced procedures for its merger. The goal of the operation is rationalisation and simplification of the company structure in the abertis infrastructure business group, adjusting and fitting its composition to an operative model based on area management.
The process will lead to the merger by absorption of Iberpistas by abertis, being effective from 1 January 2004 for accounting purposes. The operation consists of integrating the Iberpistas group within abertis, with minority shareholders in Iberpistas becoming Class A shareholders in abertis. These shareholders currently hold 0.16% of Iberpistas capital with some 111,000 shares. The share exchange ratio has been fixed at one class A abertis share for every Iberpistas share.
abertis already holds 99.84% of the Iberpistas share capital following the public takeover offer in May 2002 and the compulsory takeover offer in December 2002, which integrated Iberpistas as a holding company within the Acesa Infrastructures business group, now known as abertis following its merger with Aurea, Concesiones de Infraestructuras.
Accordingly, the A-6 operating company, which manages the Villalba-Adanero highway, will once again use the trading name of Iberpistas and it will become the leading concessionary in the Centre-North highway Unit of abertis.