Grupo Dragados and 'la Caixa' bank: merging Áurea and Acesa

20 May 2002 20:59 - Royal BAM Group nv

Grupo Dragados and "la Caixa" bank agree to promote the third Eropean toll road operator by merging Áurea and Acesa

press release of Grupo Dragados

  • The new company would be the Spanish leader in transport and communications infrastructure management and Europe's third toll road operator after ASF and Autoestrade, while reinforcing its world leadership in the comprehensive management of transport infrastructures.
  • The new company's market capitalization would surpass 4,500 million euros, placing it among the stocks with the greatest capitalization on the IBEX 35 index.
  • Grupo Dragados and "la Caixa" bank will propose the merger of Áurea and Acesa to their Boards of Directors.  Áurea would be absorbed by Acesa and Acesa's name would be changed.
  • The swap has been set at 2.06 shares of Acesa for 1 share of Áurea.
  • This operation is not related to the takeover bid made by Acesa today for the control of Iberpistas.

Madrid, May 20, 2002. Grupo Dragados and "la Caixa" bank have agreed to promote and propose to the Boards of Directors of Áurea and Acesa, of which they are main shareholders, a project to merge the two companies.  The result would be the leading Spanish group in the field and one of the main European toll road operators, reinforcing their world leadership in integrated transport and communications infrastructures management.

In the merger, Áurea will be absorbed by Acesa.  Acesa will increase its share capital for which an exchange rate has been set at 2.06 shares of Acesa for one of Áurea based on the average quote on these companies in the last year.

Grupo Dragados and "la Caixa" would be the main shareholders of the new company with 12% and 21% respectively and the necessary agreements will be made to urge the new group towards world leadership in infrastructure management.

The operation will depend on obtaining the required anti-trust authorizations defending free competition.

Active in 9 countries, the new group will develop its activities in the fields of toll road, car park, logistics service, airport and railroad management and telecommunications infrastructures.

The merger would result in the leading Spanish group in transport and communications infrastructure management and one of the main toll road operations of Europe with 1,245 kms of roadway in operation, revenues of over 1,000 million euros and a profit of nearly 300 million euros.