The title flies to Piazza Affari Atlantia, up 8% to 14,3 euros (but with peaks that have reached 10% increase) in the wake of the hope of avoiding in extremis a collision between the state battleship, the Cdp, and the Benetton group which would have devastating effects for everyone, including the credibility of the Italian financial centre. But the worst could be averted. On Tuesday evening, with the stock market closed, the squaring of the circle surprisingly emerged: Atlantia's Board of Directors confirmed its willingness to evaluate a possible proposal from CdP - together with other national and international investors - for a possible agreement , relating to the purchase of the entire share package (88,06%) of the subsidiary Aspi, suitable for ensuring the adequate market valuation of the stake itself. Atlantia thus conceded an exclusive at Cassa Depositi until 18 October.
Fabrizio Palermo's travel companions for the operation are two protagonists of international finance who have been assiduously frequenting the rooms of Italian finance for some time: the Australian fund Macquarie, already involved in entering the capital of Open Fiber, e the colossus Blackstone, determined not to waste the opportunity to secure a share of a strategic infrastructure, not only for Italy.
In confirmation of the solidity of the proposal, Atlantia immediately issued a press release to confirm that the holding company says it is willing "to evaluate a possible proposal from CDP, together with other national and international investors, to a possible agreement relating to the purchase of the entire share package of the subsidiary Autostrade per l'Italia, suitable to ensure the adequate market valuation of the investment in question". A hypothesis, it is underlined, "adhering to the letter sent to the Government on 14 July and in line with the resolutions of the BoD".
The solution was identified on the eve of the board of directors meeting which was supposed to start work for the meeting at the end of October on the spin-off of Aspi from Atlantia. This operation could be shelved if the offer from Cdp-Blackstone-Macquaire is deemed satisfactory. Or confirmed if the negotiations over the next few days are not successful. The conditional is a must because several times in recent months the solution to the story has jumped to the wire. But this time the agreement really seems to be one step away and the figures are already being drawn, between 8 and 10 billion euros.
In fact, the solution is suitable for both:
Atlantia could significantly reduce the debt thanks to the sale of the entire package - but also avoid the spin-off and the related risks including that of remaining with a minority stake in an uncomfortable situation.
The government could come out of a very uncomfortable position given the outcry of the international shareholders of the Benetton group.
