Negotiation or revocation? the government for now chooses the path of the ultimatum to Autostrade per l'Italia. At the summit on Thursday afternoon at the Ministry of Transport, the government asked Aspi - 88% controlled by Atlantia which in turn has the Benettons as main shareholders - to formulate a new proposal that is more convenient than the previous ones on these points: reduction of tariffs, compensations, penalties in case of non-fulfillment on maintenance. Otherwise, revocation of the concession.
But on the negotiation plate, the Benettons have put another card: the possibility of reducing their presence in Autostrade below 50%. As? Through a capital increase that dilutes the stake held by Atlantia. So it would not be the Benettons who would collect, but the company which would recapitalize itself in this way. But who should sign the increase? And above all at what price? The hypotheses in circulation envisage, as is now known, a direct entry of Cdp as well as an intervention by F2i, some social security funds and foundations and perhaps also the relevant shareholders of Aspi - such as Allianz, Edf and the Chinese Silk Road. But Atlantia fears expropriation and that the downsizing of the shares will be imposed at off-market prices. Atlantia shares lost 8,29% on Thursday after reaching peaks close to -10% and ending up in a volatility auction.
Read also: Highways at the crossroads, towards the Ponte di Stato
Prime Minister Conte asks Aspi for an immediate proposal or threatens to bring the revocation to the Council of Ministers, perhaps as early as Monday, when he returns from Berlin after a tour of European capitals in view of the EU Council on the Recovery Fund. In truth, the threat seems unrealistic for several reasons. The Democratic Party, and therefore the minister De Micheli, are for the negotiation and likewise Italia Viva. The 5 Star Movement, on the other hand, would like the Benettons to leave and is aiming straight for revocation. A wall that the ruling of the Consulta on the Morandi Bridge has further strengthened. The board of directors of both Atlantia and ASPI should meet today.
Read also: Ponte Morandi, the Consulta: legitimate to exclude Autostrade
If the majority therefore remains split, another point remains to be clarified. The revocation costs: at least 7-8 billion, but also much more - 23 billion to be exact - in the event that article 35 of the Milleproproghe 2019, with which the government has authorized itself to reduce the compensation in the event of revocation, precisely, it was judged unlawful. But here judicial scenarios would open up that would last for years.
Meanwhile, the CEO of Autostrade, Roberto Tomasi, would have ended up under investigation by the prosecutor - according to reports from the Republic - in the context of the investigation into the noise barriers, after the complaint by the president of the Liguria Region Giovanni Toti.
