MILAN (Reuters). Shares in Atlantia surged nearly 9% Wednesday following a Bloomberg News report that Florentino Perez, a Spanish tycoon was considering an offer for Italy’s roads and airports group. The Benetton family are major investors.

Atlantia has a market cap of over 15 billion euro ($16.4billion). To make a bid, you would need to have the backing Edizione. The holding company for the Benetton families, Edizione, will be required.

Bloomberg stated that Perez (the largest shareholder and chairman of Spanish builders ACS) was currently working with advisors to examine the possibility bid but it wasn’t clear if he would.

Perez, who is also president of Real Madrid’s soccer club, may be looking to work with the Benetton clan to make a deal for Atlantia. But, it was also reported that he might also look into a hostile bid.

Atlantia and ACS declined to comment. Edizione wasn’t immediately available.

According to a source from Italy, Atlantia’s board has not met since March. This suggests that there is nothing specific about any possible offer.

Alessandro Benetton was elected chairman of Edizione in this year’s fiscal year. This tightened the family’s control over its investments at Atlantia. Edizione indicated at the time that Atlantia was strategic.

Stock closed at 2.5%. It had risen as high as 8.95% earlier, reaching its highest level since February 2020.

EXISTING TIES

Perez is already connected to the Benettons through their shared ownership of Spanish highway operator Abertis.

Since the 2017 acquisition of Abertis by the two companies, Perez’s ACS has been Atlantia’s partner in Abertis.

Atlantia operates motorways as well as airports in Rome, southern France. They are also investing in technology that will help to regulate traffic flow.

Perez, through ACS, had attempted to acquire Atlantia’s motorway division Autostrade per l’Italia. However, he was unable secure support from the Italian government for a binding bid.

Atlantia sold the unit to CDP, an Italian state lender and other allies.

Atlantia will receive around 8 billion euro from the deal, which it closed later in the year. This money will help it reduce a 30 billion-euro debt pile at the end 2021.

($1 = 0.9168 euros)