Spain’s political establishment is believed to have been actively encouraging ACS [BME:ACS] to switch its strategy so that it can make a counterbid for Abertis [BME:ABE], said two sector advisers and a person familiar with the issue, as well as a banker following it.

Although politicians from the ruling Popular Party (PP) have been presenting a broadly neutral stance in public, in private they are much more critical of a bid by Italian infrastructure company Atlantia [BIT:ATL], said one banker familiar with the situation.

There is a feeling that the Italian government is much more effective at protecting national companies from unsolicited bids, said a consultant familiar with the situation.

ACS was invited to take a look at the Barcelona-based motorways company, said the banker. ACS’s interest is politically driven, agreed a second banker following the situation and a person familiar with the situation.

 

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