Business
Atlas Arteria pushes ahead with asset review as IFM’s stake nears 40%
Atlas Arteria has opened discussions over a potential sale of its German toll road asset while continuing to reject IFM Investors' A$7.4 billion takeover proposal. The move comes as IFM's interest approaches 40%, with the company maintaining its distribution target and ongoing portfolio review.
Atlas Arteria in talks over sale of German toll road asset but rebuffs US$0.43-a-share offer from IFM Investors. IFM’s interest in Atlas Arteria now exceeds 39.6%, including client securities, after the group increased its offer to $7.4B on an equity value basis and left it open until at least June 25.
The independent directors of the board have again recommended to security holders that they reject the IFM offer because it fails to accurately reflect the company’s underlying asset portfolio and its future cash flows.
A valuation Gap persist
The company noted that its own independent valuation provided by Kroll priced it at betweenA$5.39-6.20 a security, A$5.79 on average, which is still higher than IFM's offer.
The company reiterated its 2026 distribution guidance of 40¢a security, stating that proceeds of any asset divestment would be returned to investors in addition to ordinary distributions.
The statement adds that strategic reviews of sections of its portfolio were under way, which include edits German toll road and its interest in Chicago Skyway in the United States.
Atlas's asset portfolio include the French motorway network (its single biggest stake in European toll roads)and its War now Tunnel in Germany and the Chicago Skyway in Illinois and Dulles Greenway in Virgina in the United States. These assets in 2025 produced proportional toll road income ofA$2.01B, or 9.4 per cent on a 2024 comparable run.
The Statutorynet result was $A$181.8M, which included the temporary France taxation effect.
With IFMs nearing a 40 per cent position and Atlas pursuing a transaction discussion with another party over assets it own, Investors will be following whether divested assets can make a difference to a high stake infrastructure takeover battle, at current the Largest in Australia.
FAQs
Q1. Why is Atlas Arteria rejecting IFM's takeover offer?
Atlas Arteria says IFM's A$5.10-per-security bid is below an independent valuation of the company.
Q2. What asset is Atlas Arteria considering selling?
The company has entered discussions regarding a potential sale of its German toll road asset.
Q3. How much of Atlas Arteria does IFM own?
IFM's interest in Atlas Arteria has increased to approximately 39.6%, including client holdings.
Source: Capital Brief
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