October 19, 2017 / 8:57 AM / a year ago

Hochtief sees Abertis bidding process run into H1 2018: memo

FRANKFURT (Reuters) - Hochtief (HOTG.DE) expects the takeover process for Spanish toll road operator Abertis ABE.MC to run into 2018, Chief Executive Marcelino Fernandez Verdes said in a memo to staff.

“The submission of an Abertis offer is only the start,” he said.

The German builder, controlled by Spain’s ACS (ACS.MC) made a 17.1 billion euro ($20.2 billion) bid for Abertis on Wednesday, topping a rival offer from Italy’s Atlantia (ATL.MI).

(This version of the story has been refiled to clarify first paragraph)

Reporting by Matthias Inverardi; Writing by Arno Schuetze; Editing by Maria Sheahan/Keith Weir

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