Atlantia: the takeover bid has exceeded 90% and moves on to delisting. The new CEO is awaited, will it be Rogowski?

The reopening ofPublic Purchase Offer on Atlantia shares, promoted by Alpha scheme, the special purpose vehicle owned by Edition and Blackstone, it has been successful. It will take a few more days, but the outcome of the 18 billion euro takeover bid is now clear and the European infrastructure leader who also controls the Rome airports is preparing to leave Piazza Affari. While now the chapter of the appointment of new top management.

The second is good: the reopening of the Atlantia takeover bid was successful

The takeover bid had been started last October 10 and completed in its first phase last November 11, when, however the bar had stopped at 87,3% of the capital of Atlantia, which added to 0,84% ​​of treasury shares of the holding held the total over 88%. Schema Alfa had however placed among the conditions of effectiveness of the Offer (actually declared "cannot be renounced") the achievement of 90% and it is for this reason that the offer was reopened last November 21st in order to allow large funds, hedge funds and newcomers to participate. The offer remains open until tomorrow 25 November at 17,30, but already today the 90% threshold has been reached, says a note from Schema Alfa.

Takeover bid Atlantia: the details of the reopening

During the period of reopening of the terms of the offer - explains the note - a further 2,609% of the capital (equal to 21.541.392 Atlantia shares). To date, together with the 721.357.930 shares (equal to 87,354% of the share capital of Atlantia) held by Schema Alfa (also taking into account the Sintonia shares held by HoldCo) and 6.802.125 treasury shares (equal to 0,824% of share capital) Alpha scheme would come to hold more than 90% of the share capital of Atlantia”, says the press release.
Schema Alfa recalls that the offer “is aimed at get delisted, which he intends to implement as soon as possible in the following weeks".
The offer had been promoted to the price of 23 euros per title, to which must be added the 0,74 euro dividend detached by the company last spring. This morning it was 22,94 euros, down 0,044%.

The takeover bid chapter is therefore closed, without having to proceed with a Plan B which had been indicated in the prospectus if the 90% threshold had not been reached and which would have foreseen the fusion between Atlantia itself and Schema Alfa.

At the end of the takeover bid and after the delisting, who will lead Atlantia?

After theOpa and effected the consequent delisted in the coming weeks, the central theme will become governance: Atlantia in fact it should communicate the successor of the Ceo, Charles Bertazzo, which has given its willingness to remain for the handover until the end of the year

At the top of the company should rise, subject to official appointment, André Rogowski, current financial director of the Spanish subsidiary Abertis. Rogowski, a former Mediobanca, played a leading role in the takeover bid that Atlantia launched in 2018 on Abertis. The manager, at the time operating in Spain for Piazzetta Cuccia, was one of the key consultants of the Italian group.

From the accounts of the first nine months the weight of the Iberian group. Atlantia it filed accounts with revenues up 18% to 5,4 billion and EBITDA up 16% to 3,4 billion. The only one Abertis it recorded a turnover of 3,8 billion and a gross operating margin of over 2,6 billion. On paper, therefore, the Spanish company is worth about 76% of the margins of the infrastructure holding company, according to some analysts.