Any offer from
Cellnex climbed as much as 5.9 percent to a record high of 18.99 Euros at the opening and was up 3.3 percent to 18.52 Euros at 9:14 a.m. The stock has risen about 36 percent this year, giving the company a market value of about 4.3 billion Euros [$4.8 billion].
American Tower, which has a market value of about $56 billion, has yet to make a formal offer for the Spanish firm, another person said. No final agreements have been reached with any of the parties, and the discussions may not result in a deal, the people said.
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“Cellnex management has not had any type of contact with
Abertis, which is Cellnex’s largest shareholder with a 34 percent stake, has received an $18 billion offer from Atlantia in a deal that would create the world’s biggest toll-road operator. Abertis is planning to sell about a 4 percent stake to simplify the deal and avoid triggering a Spanish rule that would require Atlantia to make an offer for all of Cellnex.
Abertis’s 57 percent holding in Spanish satellite and broadband provider Hispasat SA may also be sold, one of the people said. Atlantia is open to selling non-core assets following the tie-up, people familiar with the matter said in April.
An acquisition of Cellnex would add to the flurry of tower