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Moment Of Truth: Atlantia Update

13 July 2020 by jbchevrel

Atlantia SPA (ATLIM) is an Italy-based company engaged in toll road and airport management. ATLIM operates through 5 segments: Italian motorways, Overseas motorways, Italian airports (Rome), Overseas airports (Nice Cote d’Azur), and Others. ATLIM CDS is a member of CrossOver index since s31, it had been a member of Main before that, since s16. Some news have been released regarding the potential resolution of the negotiations between ATLIM and the Italian state over the future of the ASPI concession. Initial reports suggested that ATLIM had accepted the government's minimum proposed remedies of tariff cuts and investment worth €3.4B and that the Benetton family was willing to cede control via a capital increase to investors a priori including CDP and F2i. That sounds good as €3.4B is seemingly lower than where the consensus was standing. But Italian PM Conte told Il Fatto Quotidiano today that he is not satisfied at all with the offer, which is embarrassing, while in La Stampa he was quoted as saying that the Benetton family had not understood that the government would not sacrifice the public interest for their benefit. PM Conte also said that it would be paradoxical, as in not logical, for the Italian state to be an investor alongside ASPI and appears to be advocating Concession Revocation. ATLIM CEO Bertazzo told La Repubblica that ATLIM is ready to cede control of ASPI, but doesn’t want to exit the company completely. The cabinet is poised to make a final decision tomorrow.