Atlantia it stands out in Piazza Affari on a day dominated, in Milan as in other European squares, by uncertainty and caution.
An exception is the safe in which the 88% stake in Aspi (Autostrade per l'Italia) is kept, which rises by 4,8%, to 14,2 euros, in the light of the rumors that emerged over the weekend requests from the Tci activist fund to the Treasury and on the news that are emerging in relation to the reorganization of Aspi's capital.
In recent days, Tci - a shareholder of Atlantia - allegedly sent two letters to the Ministry of Economy asking that the government's operation to oust the Benettons from ASPI and bring in Cdp take place "at the right price". According to the fund, the value of the concession is between 11 and 12 billion euros.
Not only that: on Sunday Tci reiterated that it is "strongly opposed to any capital increase or IPO at a lowered price", underlining that "the only way to ensure CDP's entry into ASPI, which is correct for Atlantia and international investors , is a fair sale of 88% of Atlantia in Aspi in a market process led by internationally recognized advisors, or a spin-off of Aspi at a fair market price that allows the entry of investors, including Cdp” .
The voice of Atlantia's investors, many of whom are international, is therefore beginning to be heard in the complicated tangle of the process envisaged for the reorganization of ASPI. The scheme envisaged by the Memorandum of understanding developed by Cdp on the indications of the Government and now being examined by Atlantia would in fact design a market operation in which the entry of Cassa Depositi e Prestiti would in fact take place at the same time as the IPO and especially at the prices of the public offer as established by international advisors. The methods would remain the same: a capital increase, of a variable amount based on the assessment of Aspi, which would lead Cdp to have 33% of the company.
