El Economista reports that it is offering €16.50 for each share, valuing the company at €16.341 billion.
However, while its offer represents a premium of 20% on the average price of Abertis shares in the last six months, it is only 0.3% higher than the current price of €16.45 as of last Friday, May 12.
Although Atantia says it has the necessary funds for the takeover bid, it is also offering Abertis members the option of receiving shares in the Italian company in exchange for up to 23.2% of the shares held by the Spanish company.
Should the deal go ahead, it would create one of the largest infrastructure groups in the world.
Abertis is currently owned by Criteria Caixaholding, while Atlantia is controlled by the Benetton family.
Significantly, the two companies came close to a €25 billion merger in 2010.
Hispasat is the world’s ninth largest satellite operator.
It has seven operational satellites and three more under construction.