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MADRID Jan 29 Spanish infrastructure group
Abertis (ABE.MC) said on Tuesday it saw no possibility of
merging with Italy's Atlantia (ATL.MI) and would sell its stake
in Atlantia's main shareholder Schemaventotto.
Abertis and Atlantia, previously known as Autostrade,
announced a plan to merge in April 2006 but the deal was stymied
by continual opposition from the Italian government.
After selling its 13.33 percent stake in Schema28, Abertis
will continue to hold a 6.67 percent direct stake in Atlantia.
Schema28 owns 50.01 percent of Atlantia.
The Spanish road operator said that despite "excellent"
relations between the companies and their shareholders,
conditions were not right for the deal to go ahead.
"Abertis is keeping its request for the European Commission
to reach a decision on the behaviour of the Italian government
who, at the time, stopped a European company deal from happening
when it had the unanimous backing of the shareholders and the
unrestricted authorisation of the European competition
authorities," it said in a statement.
Sintonia, a holding company owned by the Benetton family
which has a 6 percent in Atlantia, declined to comment.
Insurer Generali (GASI.MI) and bank Unicredit (CRDI.MI) are
also shareholders in Atlantia.
(Reporting by Jane Barrett and Elisabeth O'Leary)