MADRID, Dec 20 (Reuters) - Spanish constructor and airport
manager Ferrovial would merge with sister company
Cintra through a share swap rather than a buyout,
Expansion reported, citing unnamed sources close to talks.
Ferrovial would absorb the toll-road operator by offering
one of its own shares for five or six Cintra shares, the
newspaper said on Saturday.
A 1-for-5 share swap would value Cintra at about 4.3 euros
($6) per share, below Friday's closing price of 6.6 euros per
share.
Once absorbed in to Ferrovial, Cintra shares would be
delisted, Expansion said.
Debt-laden Ferrovial, which said on Friday it was studying a
merger without giving further details, already owns 68 percent
of Cintra. The remaining 32 percent has a market value of around
1 billion euros.
No one at Cintra or Ferrovial was available for comment on
Saturday.
Earlier this week, Britain's antitrust regulator told
Ferrovial, owner of UK airports group BAA, to sell London's
Stansted and Scotland's Edinburgh airports as well as London
Gatwick.
(Reporting by Paul Day, editing by Mike Peacock)
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