The stock of Atlantia loses on the Stock Exchange, which in an already negative session for the Ftse Mib, stands out by losing 1,4% in mid-morning, in the 13 euro per share area. The reason is yet another postponement in sight for the Autostrade per l'Italia operation: the time granted to the consortium led by Cdp with Blackstone and Macquarie funds for submit a binding offer on 88% of Aspi held by the Benetton family holding company, it theoretically expires on Sunday 31 January, but the feeling is that we are heading towards yet another extension, the fourth to be exact. Leading to this thesis is the silence that emerged, on this dossier, during the CDA of Cassa Depositi e Prestiti which was held on Thursday 28 January: the board has not yet resolved anything, for the simple reason that it still wants to see clearly on some elements of the affair.
Meanwhile, the due diligence is still ongoing and will hardly be completed in time, i.e. by Sunday. Still recently, technicians and consultants of Cdp they asked for checks on 136 bridges and tunnels of those of the ASPI network. Atlantia claims for its part that the data provided so far is very abundant: according to what the company claims, it is a question of 167 GB of files, even equivalent to 2,2 million pages, with 2.200 responses and 21 presentations. We are therefore moving towards a new postponement, after that of last December, shortly after which the consortium led by Cdp and the funds had hypothesized a downward price for the purchase of Aspi (lower part of the range 8,5-9,5 billion), but above all he had reiterated his intention to place 51% of the capital in the hands of Cdp Equity. Overall, Atlantia had judged the proposal inadequate.
From expiration to expiration, the dossier is getting hotter and hotter and is approaching its inevitable conclusion: the deadline is in fact 31 July 2021, when CDP but also other subjects will be able to present an offer which, if accepted, would block the spin-off of Aspi from Atlantia, on which the companies are still working In these weeks.
