ROME Jan 10 Italian motorway group Atlantia's planned takeover of Gemina, which controls Rome airport operator ADR, will not just be cash but will also include a "sizeable" paper component, sources close to the deal said on Thursday.
The two companies, both controlled by the Benetton family's holding Sintonia, said on Wednesday they were in talks to merge.
Based on a fair value of Gemina of 1.2 euros a share indicated by several analysts, the cash outlay for Atlantia would be of less than 700 million euros ($910 million), the sources said.
According to the sources, the operation is not expected to endanger Atlantia's current dividend pay-out policy and the aim is to have shareholders of both companies vote on the deal by the end of April.
Sintonia would not tender its Gemina shares in any Atlantia offer, sources said earlier on Thursday.
($1 = 0.7667 euros) (Reporting By Stefano Bernabei, writing by Danilo Masoni, editing by Stephen Jewkes)