OHLA - comment
The filing of a formal agreement on collaboration between OHLA and the family business of its largest shareholder with the CNMV is a potentially positive step. The Amodio family (who control CAABSA) has never ruled out an eventual takeover of OHLA, in the meantime ensuring the two entities do not trip over each other, particularly in LATAM, is a prudent move. We don’t know all of the details of the agreement; it is possible that there are egregious clauses favouring CAABSA. However, an improving OHLA business in the US and EU represents the greater upside for the Amodio family from their OHLA stake.