(Updates with Autostrade board clearing merger plans)
MILAN (AFX) - The boards of Abertis Infraestructuras SA and Autostrade SpA have cleared plans to merge, said Ansa news agency.
In an unsourced report, Ansa said Abertis's directors were holding a video conference with Autostrade directors.
The direct contacts between the two boards are aimed at resolving the final points of detail on the operation, the report said.
Earlier reports said Abertis will offer its shares in exchange for Autostrade shares, with possibly an additional cash component.
Reports say the merger would create Europe's largest motorway operator with a 24 bln eur market capitalisation, based on current prices.
Autostrade was not immediately available to comment. nigel.tutt@afxnews.com nt/cml COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited