efe-epaMadrid

Spain's market regulator CNMV said Monday that it has approved Hochtief AG's takeover bid for Abertis Infraestructuras SA, according to a report from Dow Jones Newswires supplied to EFE.

Hochtief parent company Actividades de Construccion y Servicios SA and Atlantia SpA had previously said they were in talks regarding a potential joint bid for toll-road operator Abertis to avoid a costly bidding war.

The companies didn't specify the content of the negotiations, or whether they would let Hochtief's bid prosper and subsequently split the company's assets or make an improved bid via a newly created joint entity, Dow Jones added in the report.

In October, Hochtief made a cash-and-share offer that values Abertis at about 18.6 billion euros ($22.9 billion), which topped Atlantia's bid, valuing it at 16.3 billion euros.