News from Cassa Depositi e Prestiti on two main fronts: Open Fiber e Autostrade per l'Italia.
Let's start with the company that is connecting the entire Italian territory with the ultra-broadband network. At the moment, OF's capital is divided equally between CDP and Enel. On Thursday, however, the Cassa's board of directors – through its subsidiary Cdp Equity – decided to present an offer to Enel for the acquisition of a 10% stake of Open Fiber, which would bring CDP's share to 60%.
Furthermore, the Cassa “undertook to bring new resources before the closing – reads a note – aimed at supporting the acceleration of the development plan of the infrastructural network”.
The presentation of the offer to acquire the majority in OF comes after Enel's decision to consider the offer presented by Macquarie for the purchase of between 40% and 50%.
This morning the board of directors of Open Fiber, chaired by Professor Franco Bassanini, gave its approval for the Macquarie fund to enter the capital of the company.
The Bank's board of directors also authorized "the signing of a binding term-sheet with Macquarie to define OF's governance arrangements subsequent to the entry of the fund into the share capital".
On the side HighwaysInstead, the consortium formed by Cdp together with the foreign funds Blackstone and Macquarie sent to Atlantia “some refinements to the contract relating to the purchase of the stake, equal to88,06%, held by Atlantia in Aspi – reads another note – or for the purchase up to 100% of the same in the event of exercise of the right of co-sale by the minority shareholders of Aspi. These refinements follow the discussions with Atlantia in recent weeks".
The interventions approved by the board would involve minimal items, not such as to change the assessment contained in the binding proposal already sent to Atlantia, which stands at 9,1 billion for 100% of Autostrade per l'Italia.
In any case, the consortium believes that, at this point, the offer "can be positively evaluated by Atlantia and its shareholders".
In the wake of the news released today by Cdp, investors are rewarding the stock on the stock exchange Telecom Italy (+3,67%), confident that the announcement of CDP could lead to an acceleration of the single network project. Stocks also rose (+0,6%). Atlantica. "The fact that there seems to have been a refinement of the offer that could lead to an overall improvement of up to 500 million is a positive sign", write the Equita analysts, underlining that in any case "it will be important to verify the value and structure of the guarantees requested in addition to the judgment of the Atlantia board of directors on the new offer in view of the approval at the shareholders' meeting”. The holding board will meet during the day.
