MADRID (Reuters) - Italian infrastructure firm Atlantia (ATL.MI) said on Monday it did not intend to make a mandatory offer for the whole of wireless telecoms infrastructure business Cellnex (CLNX.MC) as part of its offer for Abertis.
Abertis holds a 34 percent stake in Cellnex. Under Spanish law, a shareholder that buys 30 percent or more of a company must make a full offer for that company.
Atlantia said on Monday in its offer statement for Abertis it would consider selling enough shares of Cellnex so as not to have to make a full bid for the wireless telecoms towers business.
Abertis and its shareholders have not yet made a response to Monday’s 16.34 billion euro ($18 billion) cash-and-share bid from Atlantia.
Reporting By Andres Gonzalez; Editing by Sonya Dowsett