MILAN (AFX) - Autostrade SpA said its board and that of Abertis Infraestructuras SA have agreed 'a merger of equals', confirming news reports.
Under the deal, Abertis will offer one of its shares for each Autostrade share, while Autostrade will pay an extraordinary dividend of 3.75 eur/share prior to the merger's completion, it said.
'The merger will create a world leader in infrastructure management,' Autostrade said in a statement.
The combined entity has 6 bln eur of revenues and 3.8 bln EBITDA, based on 2005 pro forma data, it said.
The combined group plans investments of about 15 bln eur, including 11 bln in Italy, it said.
The more efficient capital structure will allow for 'a progressive growth' in dividends, in line with Abertis's previous dividend policy, Autostrade said.
The combined group's shares will be quoted in Milan and Madrid, it said, adding the merger should be completed by the end of this year.
The combined group's largest shareholder will be Schemaventotto with 24.9 pct, followed by ACS with 12.5 pct and La Caixa with 11.7 pct.
Schemaventotto currently holds 51 pct of Autostrade.
The board of the combined group will comprise 23 members, including 11 proposed by Abertis, 11 by Autostrade, while Abertis chief executive Salvador Alemany will continue as CEO of the combined group.
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