Spain's Ferrovial to raise offer for Australia's Transfield

By Reuters

Dec 21, 2014 12:26 AM EST

Spanish infrastructure group Ferrovial plans to raise its full takeover offer for Australia's Transfield Services Ltd, daily financial newspaper Expansion reported on Saturday, citing unnamed sources.

Ferrovial has proposed an offer of A$2.1 per share, valuing Transfield at A$1.076 billion, according to Expansion. The new proposal has been passed to Transfield's board which could reach a decision within hours, the paper said.

On Oct. 20, Ferrovial offered A$1.95 per share for Transfield, which runs Australia's offshore refugee detention centers, valuing the company at around A$1 billion, but the board said it did not reflect the company's underlying value.

Ferrovial, which signed a confidentiality agreement with Transfield Nov. 11 allowing the Spanish group to conduct limited due diligence, declined to comment on the report.

Transfield closed up 5.95 percent at A$1.79 a share on Friday.

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