Italy takes again motorways as Atlantia traders approve sale By Reuters
© Reuters. FILE PHOTO: The emblem of Italian infrastructure group Atlantia is seen outdoors its headquarters in Rome, Italy, October 5, 2020. REUTERS/Guglielmo Mangiapane/File Photograph
By Francesca Landini and Stephen Jewkes
MILAN (Reuters) -A big majority of Atlantia’s traders on Monday backed the sale of the group’s stake in its motorway unit to Italian state lender CDP and allies, drawing a line underneath a dispute triggered by a lethal bridge collapse in 2018.
Cassa Depositi e Prestiti (CDP), along with Blackstone (NYSE:) and Macquarie, put ahead a proposal final month valuing Atlantia’s Autostrade per l’Italia unit at 9.3 billion euros ($11 billion).
The proposal is backed by the federal government, which has been looking for to regain management of Autostrade ever since a bridge run by the toll-road firm within the port metropolis of Genoa gave approach on Aug. 14, 2018, inflicting the demise of 43 individuals.
Atlantia, managed by the highly effective Benetton household, stated in a press release the provide received 86.86% assist in a shareholder vote, including turnout was 70.4%.
The end result confirms what sources had advised Reuters.
Investor advisers Glass Lewis, ISS and Frontis Governance all really useful Atlantia’s shareholders give their go-ahead to the sale of the infrastructure group’s 88% stake in Autostrade to the CDP consortium.
Atlantia stated in a while Monday its board would meet on June 10 to offer its closing evaluation of the provide. It’s anticipated to rubber stamp Monday’s choice.
The sale will liberate capital and administration time for the group to pursue new initiatives after almost three years of deadlock.
The transaction was permitted regardless of criticism from some shareholders, together with TCI. The activist fund repeatedly stated that Autostrade was price a minimum of 11 billion euros.
TCI had additionally backed an try by Spain’s Florentino Perez to review a rival provide for Autostrade by infrastructure group ACS, however the entrepreneur – who’s president of soccer membership Actual Madrid – didn’t win the assist of the Italian authorities to maneuver forward with a binding bid.
The activist fund didn’t disclose the way it voted on Monday.
Germany’s Allianz (DE:) and funds DIF, EDF (PA:) Make investments and China’s Silk Street Fund, which personal the remaining 12% of Autostrade, have an choice to promote their stakes to the CDP consortium underneath the identical situations.
Citi and UniCredit helped CDP on the provide for Autostrade, whereas Rothschild and Lazard (NYSE:) suggested Macquarie and Blackstone respectively. Atlantia labored with Goldman Sachs (NYSE:), JP Morgan, Mediobanca (OTC:) and Merrill Lynch on the deal.
($1 = 0.8203 euros)
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