Atlantia goes on the Stock Exchange: le shares up 1,7% , with an irregular trend, in view of the meeting on Monday 29 March. Investors are looking at the proposed demerger of Autostrade on which shareholders will have to decide. However, the proposal sees the shareholders opposing: Edizione is in favor of not prolonging the wait further while the Benetton family is in favor of postponing the spin-off of Aspi and negotiating again with CDP-Fondi. The consortium should present a new offer on Saturday (it is no coincidence that a CDP Board of Directors has been set) and according to press rumors there is now talk of 9,5 billion against the 9,1 billion of the last update. At the end of the morning the turning point: Crt Foundation has come out into the open and as anticipated by various rumors, he rejected the extension of the project to split the ASPI share, asking that the offer of the CDP consortium - "adequately improved" - be put to the vote of the Atlantia shareholders' meeting. Here is the press release:
"Acknowledging the absence, at present, of proposals from potential investors for the purchase of the equity investment in Autostrade Concessioni e Costruzioni SpA - deriving from Atlantia as a result of the Proportional Partial Demerger Project of Atlantia in favor of Autostrade Concessioni e Costruzioni SpA approved on 15 January 2021 - and in consideration of the binding offer recently presented by the consortium of investors headed by Cassa depositi e prestiti for the purchase of Atlantia's entire stake in Aspi (equal to 88% of the capital of this last) Fondazione Crt has already conferred a proxy to the Designated Representative to express, at the Atlantia shareholders' meeting on 29 March, vote against the extension of the deadline for the fulfillment of the condition precedent of the Demerger Plan. Fondazione Crt deems it appropriate that the only operation to date expressed by the market, adequately improved, be developed and hopes that the offer of the consortium of investors headed by Cassa Depositi e Prestiti will be submitted to the vote of the assembly for the evaluation of the same by all shareholders".
A weekend of great maneuvers is therefore expected in the difficult match over the fate of Aspi. But just as the Benetton family is pushing to close the game – while the funds are against it and would like a relaunch or even a new counterpart – a new tile arrives on Autostrade: the Antitrust has in fact sanctioned with 5 million the company for unfair commercial practice regarding the failure to reduce tolls on some motorway sections in which "there are critical and persistent conditions of usability of the motorway service with long queues and long journey times", states the press release from the Competition Authority, caused by the company's serious shortcomings in the management and maintenance of the infrastructures which required extraordinary interventions for safety".
The sections in question are: A/16 Naples-Canosa, A/14 Bologna-Taranto, A/26 Genoa Voltri-Gravellona Toce and, for the parts within its jurisdiction, A/7 Milan-Serravalle-Genoa, A/10 Genoa-Savona-Ventimiglia and A/12 Genoa-Rosignano. On these routes, the Antitrust has ascertained, the note continues, “a substantial reduction in the lanes and/or specific limitations – for long stretches – of the maximum permitted speed. This has led to a considerable disservice and strong inconvenience to consumers in terms of queues, slowdowns and therefore much longer journey times, without providing for an adjustment or reduction of the amount requested by way of toll from consumers”. The Authority also criticizes Autostrade for not having adequately informed motorists about any refund procedures. In particular, for the A/14 Bologna-Taranto motorway "the information provided has proved to be omissive, inadequate, untimely, insufficient as regards the method of dissemination and unsuitable to compensate for the inconvenience caused to users".
