Tag Archives: Roads & Railways (NEC) (TRBC level 5)

Atlantia Italia extended talks on unit sales to March 27 | Instant News


FILE PHOTOS: Infrastructure group Atlantia logo seen outside their headquarters, in Rome, Italy October 5, 2020. REUTERS / Guglielmo Mangiapane

MILAN (Reuters) – Atlantia agreed to extend talks with a consortium led by state lender CDP regarding the sale of its 88% stake in highway unit Autostrade per l’Italia until March 27, the Italian infrastructure group said on Tuesday.

CDP, along with co-investors Macquarie and Blackstone, and Atlantia have been negotiating Autostrade since last year as part of efforts to end a dispute sparked by the 2018 collapse of the bridge run by the unit.

Atlantia hopes for “substantial improvements” in the consortium’s offering, the group said in a statement, adding that, if a compromise is reached, they could submit new proposals to its shareholders.

Last month the consortium presented a binding proposal valuing all Autostrades at 9.1 billion euros but Atlantia advisers said the fair value of the business was at least 10.5 billion euros, three sources close to the matter said.

The consortium also asked Atlantia to guarantee up to 700 million euros in potential damage claims and another 800 million euros in pending legal cases, making the offer less attractive.

To date there has been no concrete improvement to the proposals submitted, said two sources with knowledge of the matter, adding that there was still room for negotiations.

The Benetton family, which controls Atlantia with a 30% stake, last week supported extended talks with the CDP, asking the group chair to negotiate an increase in the offer, said a source close to the matter.

Minority investors, including hedge fund TCI, even asked the group to reject the consortium’s offer which was considered too low.

Tuesday marked an earlier deadline for Atlantia to decide whether to accept or reject the binding offer made by the consortium.

Reporting by Andrea MandalĂ , Francesca Landini and Stephen Jewkes; editing by Cristina Carlevaro and David Gregorio

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Shares in Italian highway group ASTM surged in a bid to make the company private | Instant News


MILAN, Feb 22 (Reuters) – ASTM shares surged 27% on Monday, lifted by a buyout offer from a top Italian motorway group investor who wants to take the company private and revamp it.

Nuova Argo Finanziaria (NAF), which holds a 42% stake in ASTM, said at the weekend it would offer 25.60 euros per share in a new vehicle to buy minority investors at an outlay of up to 1.7 billion euros ($ 2 billion).

This represents a premium of 28.8% over ASTM’s official closing price on Friday.

The NAF said it plans to transform business, adding it will be easier to pursue reorganization of unlisted companies.

The Italian Gavio family are major investors in the NAF along with the infrastructure arm of French private equity firm Ardian.

Ardian agreed to invest in ASTM just days before a highway bridge operated by toll road company Atlantia collapsed in August 2018, killing 43 people.

In response to the tragedy, the Italian government has stepped up investment oversight by concessionaires, establishing a new body to monitor safety standards.

$ 1 = 0.8269 euros Report by Elisa Anzolin, written by Valentina Za; Edited by Kirsten Donovan

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Air France KLM, Getlink shares slumped as Europe closed its doors to the UK over COVID fears | Instant News


FILE PHOTO: An Air France plane prepares to land at Nice International airport, where Air France KLM will park its largest aircraft in response to the impact of the coronavirus disease (COVID-19) outbreak, in Nice, France, 16 March 2020. REUTERS / Eric Gaillard

PARIS (Reuters) – Shares of KLM Air France and Channel Tunnel operator Getlink slumped on Monday after Britain’s European neighbors began closing their doors to travelers from the UK over renewed COVID-19 concerns.

Air France KLM was down 10.2% in the early trading session, Getlink was down 5.7%, while French airport company ADP was down 4.8%. Hotel company Accor fell 4.4%.

France said it would ban everyone arriving from Britain for 48 hours starting Sunday evening, including freight carriers, whether by road, air, sea or rail, amid concerns about a new strain of the rapidly spreading coronavirus that has caused cases to spike. . English.

Reporting by Sudip Kar-Gupta; Edited by Hugh Lawson

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Italy’s F2i could be the main investor in the consortium bid for the Atlantia unit: sources | Instant News


FILE PHOTOS: Infrastructure group Atlantia logo seen outside their headquarters, in Rome, Italy October 5, 2020. REUTERS / Guglielmo Mangiapane

MILAN (Reuters) – Italy’s infrastructure fund F2i is in talks with government-backed lender CDP to become a major investor in a consortium working on a bid for road assets from infrastructure group Atlantia, two sources close to the matter told Reuters.

CDP and co-investors Macquarie and Blackstone are currently working on a bid to buy an 88% stake in Atlantia in the highway unit Autostrade per l’Italia, in a deal that could end political strife over the unit’s future.

According to sources, the F2i infrastructure fund and other Italian institutional investors could join the CDP, allowing domestic applicants to own the majority of the vehicles that will buy 88% of Autostrade’s shares.

“There are talks ongoing between the CDP and F2i to discuss a possible co-investment in Autostrade,” said one of the sources.

Reuters reported in October F2i could join the CDP.

All parties involved declined to comment.

Reporting by Francesca Landini, Giuseppe Fonte and Stephen Jewkes

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UPDATE 1-Italy’s Benettons appoints the chairman of a new holding company in a road dispute with the government | Instant News


(Add details, background)

ROME, November 22 (Reuters) – Italy’s Benetton family has ousted Gianni Mion as head of its parent company Edizione, replacing him with well-connected business professor Enrico Laghi, the company said on Sunday, while trying to resolve a long-running dispute. above its toll road unit.

The wealthy family, who own 30% of the Atlantia infrastructure group, have been embroiled in a feud with the Italian government since a bridge in Genoa run by highway operator Atlantia Autostrade per l’Italia collapsed in 2018, killing 43 people.

Laghi will oversee Edizione in relation to the companies he invests in including Atlantia – which controls Autostrade – Autogrill, and others.

His appointment will be formally approved by Edizione’s shareholder meeting on November 30, the company said in a statement.

Mion was reappointed last July to serve a three-year term as chairman of Edizione, but relations between the family and their veteran advisers have soured as negotiations with the government over the future of the Autostrade have struggled to make progress.

Rome has threatened to revoke Autostrade’s license since the bridge disaster and has put the Benettons under pressure to sell their stake in the unit to make room for state-backed investor Cassa Depositi e Prestiti (CDP).

Laghi, who was once a temporary administrator for ailing national airline Alitalia and has strong ties to the CDP, could help broker the deal, sources told Reuters on Saturday.

Talks between Atlantia and a consortium of investors led by the CDP have dragged on for weeks, and got complicated this month when former Atlantia and Autostrade chief Giovanni Castellucci was placed under house arrest during an investigation into the Genoa disaster. (Reporting by Gavin Jones, editing by Francesca Landini and Barbara Lewis)

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