Gemina collapses on the Stock Exchange (-8% at 15 pm), weighed down by the rumors according to which the Ministry of the Treasury would be willing not to give the green light to the planning contract for the subsidiary Aeroporti di Roma (Adr), which adjusts the tariffs and makes it possible to start investments to renovate the Fiumicino airport.
In the early afternoon, Gemina was the worst stock on the Milan stock exchange with a drop of more than 8%, against a gain of around 0,4% in the Ftse Allshare index. Volumes are intense with 3,8 million titles traded, more than 2,5 times the average for an entire session. “The non-approval of the contract is bad news. Increases regulatory risk”, comments a trader.
According to Il Messaggero, while there are just a few days left before the deadline for finalizing the new program contract, i.e. December 31st, the government seems determined to postpone the dossier, thus extending the old regime. The months-long stalemate on the planning contract had in recent days led the holding company that controls Adr to announce the postponement of the 2013-2022 business plan to January. For the same reasons, some institutional investors have sent a letter to the government expressing their concerns about the continuing uncertainties around the regulatory process.
