After the difficulties that emerged in the negotiation with CDP, the Board of Atlantia decided to put the group at a crossroads. The first option is sell the entire stake in the capital of Autostrade (equal to 88%) through competitive process. The second instead consists in the "partial and proportional demerger” of Aspi and in the “conferment of, respectively, 55% and 33% of the share capital in the newly established Autostrade Concessioni e Costruzioni, to be listed on the Stock Exchange with the exit of Atlantia from its capital”. This is what can be read in the Atlantia press release.
In short, the board of directors has decided that - in parallel with the spin-off - a competitive process will start "managed by independent financial advisors, for the sale of the entire 88,06% stake held in Aspi – continues the note – This process is addressed to both CDP and other institutional investors. The sale will be subject to conditions precedent".
This means that the involvement of Cassa Depositi e Prestiti is not excluded, but strongly scaled down compared to july chords. For this reason, the CDP could soon reply with a statement to distance itself from the initiative of the Atlantia board of directors. As for the Government, it is likely that the bogeyman of the revocation of the concession will once again be shaken.
Going back to the Board's resolution, the press release explains that any buyers should also forfeit the remaining 12% of Aspi in the event of exercise of the co-sale right by the minority shareholders. Not only that: "If, at any time prior to the effective date of the demerger transaction described below, and therefore also after the approval of the demerger plan by the shareholders' meeting, Atlantia receives an offer from of one or more subjects who intend to acquire the shareholding, the board of directors, if it assesses that the offer corresponds to the company's interest, will arrange to convene the shareholders' meeting again to submit to the same the revocation of the demerger resolution already passed”.
So far the first way. Let's come to the second: the Council has also approved "the project for the partial and proportional demerger of Atlantia in favor of Autostrade Concessioni e Costruzioni spa - continues the Board of Directors - a company already incorporated on 8 September 2020 and wholly owned by Atlantia".
As a result of the demerger, each Atlantia shareholder would have two separate listed shares in their portfolio: one Atlantia share and one Acc share. In other words: the shareholders of the holding company would receive one Acc share for each Atlantia share held. The timetable for the operation foresees that the spin-off can be completed by June 2021.
Following the release of the Board's press release, Atlantia's share on the Stock Exchange gains 1,9%, to 13,90 euros.
SECURITY UPDATE TRAINING
The government and CDP wrote two letters to Atlantia asking it to respect the mid-July agreements. The issue is controversial, because, according to the holding, that agreement was subject to the go-ahead from Aspi's minority shareholder, which did not arrive: the international funds, long-time shareholders of the Benettons in Autostrade, fear excessive dilution of your share. On the other hand, Cassa Depositi e Prestiti does not seem to be looking for confrontation: on the contrary, CDP has even offered an opening to Atlantia, however setting a time limit and reiterating its conditions on the indemnity.
