Spain greenlights Apollo's bid for Applus Services

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- Spain's cabinet has given American buyout firm Apollo the green light to take over industrial testing company Applus Services APPS.MC without conditions, Apollo's investment vehicle said on Friday in a filing to stock market regulator CNMV.

The decision followed a favourable report by the country's Foreign Investment Board, Manzana Spain Bidco - which is fully owned by Apollo - said in the regulatory filing.

Apollo made a cash bid for Applus in June at 9.50 euros ($10.51) per share, valuing the company at 1.23 billion euros.

But in September, Amber - a vehicle of infrastructure fund I Squared Capital Advisors and TDR Capital - offered to pay 9.75 euros per share, valuing Applus at 1.26 billion euros and triggering a possible bidding war.

At the time, Applus' board issued a favourable opinion on Amber's offer, which has yet to be authorised by the CNMV.

CNMV said it first needed to assess Apollo's bid before processing Amber's offer.

In Spain, takeover bids by foreign investors need to be approved both by the CNMV and the government.


($1 = 0.9038 euros)


(Reporting by Tiago Brandao; Editing by David Latona, Kirsten Donovan)

((Tiago.Brandao@thomsonreuters.com;))

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