Italy regains control of its motorways. CC BY-SA 3.0,

Control of motorways back in Italy’s hands

Business News

A majority of Atlantia’s investors on Monday backed the sale of the group’s stake in its motorways unit to Italian state lender CDP and allies. The offer of €9.3billion will see the end of dispute triggered by the fatal collapse of the Morandi bridge, Genoa, in 2018.

Cassa Depositi e Prestiti (CDP), together with Blackstone and Macquarie, put forward an offer last month. They valued Atlantia’s Autostrade per l’Italia unit at €9.3billion ($11 billion), Reuters reports.

The government-backed proposal won 86.86% support in an Atlantia shareholder vote. The turnout was 70.4%.

Government seeking control of motorways since 2018

The government has sought to regain control of Autostrade ever since the Morandi bridge run by the toll-road company gave way on Aug. 14, 2018. 43 people died when the bridge collapsed.

Atlantia said on Monday its board would meet on June 10 to give its final assessment. It is expected to agree Monday’s decision.

A rival offer by Spain’s Florentino Perez through infrastructure group ACS did not win the support of the Italian government to move ahead with a binding bid.

Other stakeholders

Germany’s Allianz and funds DIF, EDF Invest and China’s Silk Road Fund own the remaining 12% of Autostrade. They now have the option to sell their stakes to the CDP consortium under the same conditions.

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