British CVC to bid for Spanish Abertis

British private equity group CVC is putting together a 12 billion euros ($16 billion) take-over bid for Spanish infrastructure company Abertis, The Sunday Times reported without citing sources. CVC Capital Partners bought a 15.5 percent stake - for 1.7 billion euros - in the toll-road operator in August from Spanish builder ACS, which retained an indirect holding of 10.28 percent.
An earlier three-way deal involving CVC, ACS and savings bank La Caixa, which controls a 28 percent stake in Abertis, to launch a debt-funded buyout fell apart in July after banks baulked at the 5 billion euros of credit required. La Caixa said when the CVC-ACS deal was agreed that it would remain a core shareholder in Abertis.
Discussion on financing had resumed, and CVC was expected to make an approach in January, The Sunday Times said.