MILAN (Reuters/US) – Shares of Atlantia jumped nearly 12% to new highs after Global Infrastructure Partners and Brookfield Infrastructure (NYSE) proposed a takeover.

The Spanish construction firm could be offered a majority share in Atlantia’s road concessions if the agreement is reached with ACS.

After meeting with Edizione, the main shareholder of Benetton’s family, they said that they had discussed a possible takeover plan for an Italian airport and road operator.

The Benetton family, Blackstone investment fund (NYSE:) as well other long-standing investors in Atlantia study a counter-move. Three sources who have knowledge of the matter stated late Wednesday that they were studying the possibility.

COMMENTS:

KEPLER CHEUVEUX

Given Atlantia’s capitalization vs. ACS, and the possibility of a large transaction, along with hypothetical interest from investors, led to the broker thinking that “the theoretical motivation could, for example be the dissolution of an Italian company.”

We believe this transaction would be a success if ACS and the potential partners have the support of Atlantia’s principal shareholder, The Benetton family. The theoretical deal is likely to be complex even if this assumption is correct. It would need to consider valuation, financing, and political considerations.

SANTANDER:

Current information indicates that ACS is interested In Atlantia’s Toll Road Assets, as well as the Italian’s 16% stake at Hochtief. Joint offer with funds would “potentially mean a final shareholding by ACS lower than 50% and ACS would avoid consolidation of Abertis.”

ALANTRA:

The deal for ACS looks complicated, expensive, hard to implement, especially if there is a bidding battle. This is also the second move by ACS for Atlantia. That raises the likelihood of it succeeding.

JBCAPITAL:

At the moment, there’s no way to know if Atlantia will go into a bidding process. ACS must explain to its shareholders how a rival bid could add value if this is true, it states.

There is a lot of competition when it comes to acquiring top-quality infrastructure assets, particularly among pension funds and infrastructure funds. We expect ACS will try to use its relationships with Atlantia and the Benetton families to get a better understanding of potential deals with these two entities.

EQUITY SALESPERSON AT AN ITALIAN BANK:

“If stock rises 10-15% within the next few sessions, I would more like to sell than buy as this will be another unique situation with politics involved,” and Benetton owning one-third, it would make any hostile bid “quite difficult to materialize.”

BANCA AKROS

Combining ACS with Atlantia could lead to more synergies in the Latin America segment. According to the broker, however, given Benetton’s holding in Atlantia as well as ongoing buyback, a hostile bid might be difficult.

INTESA SANPAOLO

Intesa Sanpaolo analysts (OTC:), agree that an aggressive bid by ACS is “unlikely” to be successful and could also threaten the partnership with Atlantia for Albertis.

BESTINVER:

Bestinver has stated that although a potential war for Atlantia’s control would be beneficial to minority shareholders, the risk of losing it all is too high for the rivals.

Accordingly, it is possible that Florentino perez who owns ACS and the Benetton could reach an arrangement to delist the Italian company and then proceed with a dissolution.