MILAN, Jan 30 (Reuters) - The share swap ratios in Atlantia's planned merger with Gemina, the holding company that controls Rome airport operator ADR, will be set after an updated plan by ADR has been assessed, two sources close to the situation said.
The update will have to take into account lower estimates on airport traffic and upfront expenditure for investments, one of the sources said.
The sources said the takeover was likely not to include a cash component even though a final decision on the mechanics of the deal had yet to be taken.
The sources said the tie-up was likely to be carried out through a shareholder vote on the operation, rather than through a paper offer on the market.
After the merger, the new group plans to expand in the airport business in Brazil, they said. (Reporting By Danilo Masoni; editing by Francesca Landini)