Spanish builder ACS is discussing with various pension and infrastructure funds and private equity firms launching a potential counter-bid for Abertis, two sources familiar with the matter said on Friday.
“Negotiations with funds from Australia and Canada, including sovereign funds, are ongoing although no agreement has been reached yet,” one of the sources said on condition of anonymity.
The source also said the deal, which was not seen as imminent, would likely involve ACS taking a leading position and one or several funds being part of the equity structure.
Italian infrastructure firm Atlantia made a 16.50 euros ($19.21) per share offer for Abertis in May in an attempt to form the world’s biggest toll road company.
Key Capital Partners, Lazard and JP Morgan are the external advisors of ACS on the deal, the source said.