Thursday, 22 November 2007

Hostil Take Over targeting Brisa

After yesterday closing came to public that the Spanish Abertis had bought, in and out of the market, during the last weeks, about 8% of Brisa's capital accumulating a total of circa 18%. Brisa has about 39% of it's capital circulating in the market as free-float. Brisa closed today's session gaining 4,66% with PSI 20 climbing 1,16%.

In the beginning of the afternoon Brisa publicly denounced the cooperation agreement it had signed with Abertis in 2002. This agreement lead to a swap of stocks but since then Brisa sold almost every stock of Abertis; it seams that Abertis has done the opposite.
According to the press Brisa has a hard core of united stock holders leaded by the family Mello. All together this group aggregates 45% of the capital.
Both Brisa and Abertis are companies specialized in the constructing and exploring highways but also have other secondary activities. Brisa has begun some weeks ago its first major business in the USA.

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