Atlantia, CDP offer for Aspi too low. The aim is to raise the price

New rejection by Atlantia of the offer, this time binding, of the consortium led by Cdp for 88% of Autostrade per l’Italia. The Board of Directors of the infrastructural group in fact judged the new offer “inconsistent, in both economic and contractual terms, with the interest of Atlantia and all stakeholders”. However, Atlantia does not completely close the door to a possible agreement with the consortium.

The board of directors of the group has in fact given a mandate to the chairman and the director to verify whether “the necessary substantial improvements to the Consortium’s offer can be introduced”. To substantiate that desire for dialogue with the consortium, the Board of Atlantia has also called an extraordinary shareholders’ meeting for next 29 March with the aim of resolving an extension to 31 July of the Aspi demerger project, currently set for 31 March “For the presentation of any binding offers by third parties for the purchase from Atlantia of the controlling interest equal to 62.8% of the share capital of Autostrade Concessioni e Costruzioni, which would own 88% of the share capital of Aspi” .

The binding offer for Aspi of the consortium formed by Cdp Equity and the Macquarie and Blackstone funds, was sent last Wednesday. Indiscretions indicate the price is around 9 billion euros, still far from the valuation deemed adequate by Atlantia and relaunched a few days ago by the shareholder TCI which stands at between 11 and 12 billion euros. Compensation clauses included in the offer and indemnity in relation to the collapse of the Morandi Bridge would also weigh.

Now it’s up to the chairman and CEO of Atlantia to check if there is room for revising the offer upwards, otherwise the “dual track” process will continue, which would lead Autostrade Concessioni e Costruzioni, the holding company designated for Aspi, to be listed on the stock exchange. The definitive okay to Aspi’s economic and financial plan by MIT hangs over everything, considered essential by Atlantia to provide a correct assessment of Autostrade per l’Italia.

(with source Askanews)

Source: RSS Economia by

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