German construction company Hochtief has confirmed a takeover bid for Spanish toll road operator Abertis.
The bid, made at 18.76 euros per share, equates to a total of 17.1 billion euros ($20.1 billion).
Hochtief says it will issue 24.79 million new shares to help fund any takeover.
The Spanish firm ACS is the parent company of Hochtief.
Following the announcement, shares in Hochtief rose more than 3 percent.
The latest bid rivals an earlier offer of 16.3 billion euros from Italian road toll firm Atlantia.