The Wall Street Journal-20080130-Abertis Infraestructuras SA

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Abertis Infraestructuras SA

Full Text (105  words)

Spanish highway operator Abertis Infraestructuras SA said in a filing with regulators that it will end the pact that binds shareholders in Schemaventotto SpA, the investment vehicle that controls Italy's Atlantia SpA. Thus, Abertis formally abandoned its merger plan, which would have created the world's largest toll-road operator. This sets the stage for a potential divestment of Abertis's 13.3% stake in Schemaventotto and its exit from Italy. The Spanish company's proposed 25 billion euros ($36.92 billion) cash-and-shares merger with Atlantia was blocked by the Italian government. It would have given the firms greater financial firepower to target ripening markets in the U.S. and East Europe.