M&A activity among Spanish toll operators has reached fever pitch with Grupo Dragados, the construction and services company, putting its weight behind Aurea Concesiones de Infraestructuras in the €915m ($800bn) bidding war for Iberica de Autopistas (Iberpistas).

Aurea has launched a new offer for Iberpistas after its initial €712m approach was trumped by Autopistas Concesionaria Española (Acesa), a rival operator, with a €775m bid. Aurea has now proposed a revised €915m cash or preference share offer.