Green light for the creation of a newco, known as Autostrade Concessioni e Costruzioni Spa” into which Atlantia will transfer its 88% stake in Autostrade per l'Italia. This was announced by the company itself at the end of the board meeting. In a note, the group points out that “the establishment of the company is functional to the demerger project partial and proportional and subsequent listing on the Stock Exchange". "The structure of the operation and the demerger project - continues the note from the Benetton family holding company - will be submitted for approval by a subsequent Board of Directors of Atlantia".
For days there have been rumors about a possible agreement between Atlantia and Cdp, but today there is still no definitive agreement. The most accredited hypothesis at the moment - in the context of the negotiations with CDP - provides for the spin-off of 70% of Aspi, a share that will flow into the newco. Cdp will enter the new company through a capital increase. In parallel, Atlantia will sell the remaining 18% of Aspi's share capital in its possession.
However, the possible direct sale also remains on the table of ASPI by Atlanta. The hypothesis of the direct sale of the entire 88% stake held by Atlantia in Autostrade per l'Italia SpA remains as an alternative to the demerger as already announced in the press release of 4 August 2020. ”.
While the board of directors was deliberating on the newco, the minister of the Economy, Roberto Gualtieri, was in a hearing before the CDP Supervisory Commission. "I am available for regular discussions with the commission" and I express "strong appreciation for the work of Cdp and its management”, said the MEF number one, explaining that it is a “complex and delicate negotiation, also in light of the fact that Atlantia has proposed alternative transaction structures”.
CDP, continued the minister, is a "market unit outside the perimeter of the public administration" it is therefore "necessary to preserve independence and autonomy", he said, noting that the negotiations by the CDP were started 16 July in the "maximum confidentiality and confidentiality because they involve listed financial instruments".
It will be "a market operation" with the "involvement of Cassa depositi e prestiti to which control" of Aspi will be transferred", concluded Gualtieri.
Meantime in Piazza Affari the Atlantia stock is on a roller coaster. Before the arrival of the news on the dossier, the shares dropped about 4 percentage points to 14.915 euros. After Atlantia's note, the stock climbed up to drop 1,5% before falling back again to -3,58% at 15,09 euros
