Palazzo Marino is trying to fine-tune the project of share exchange is preferably used for M4 spa, the company that manages the new line blue subway of Milan still under construction which will connect the western part (San Cristoforo) with the eastern part (Linate airport) of the city.
For some months, according to reports from MF-Milano Finanza, private partners they had manifested the willingness to value their share and now a general agreement would have been found with the Municipality of Milan, also eager to raise cash. Overall, they have already committed capital of around 350 million to the company.
A public tender must be launched
In the shareholding of M4 there are, in addition to the Municipality, WeBuild at 9,6%, Astaldi at 9,6% (but for some time part of the group led by Pietro Salini), Hitachi Rail at 11,3%, minor shares for Atm (2,3%), Syrtis (0,3%) and ANSALDOBREDA (0,1%).
The organization headed by mayor Giuseppe Salaas a public entity, is bound to issue a tender publish for yield (all or in part) its share package, so it could not have proceeded like the private groups. Thus, the latter should join Milan and there will be a joint transfer of the shares with a public tender.
The Municipality could keep a minority, the others leave
According to the weekly, the dossier in the hands ofadvisor Natixis, should provide that all private partners they will decide to fully value their shares, while the Municipality would be held only a part of its 66%. The statute on the other constrains the possible transfer of shares to completion of the works which, after several delays, is expected in 2024.
After the opening of the Dateo-Linate section, the key stop in Piazza San Babila in the center of the city awaits
A end of November was inaugurated the first section (Dateo-Linate), for the moment little used and little strategic. The key stop will be to San Babila Square, in the center, useful for other connections. It seems that now the work to open it is being accelerated, a step that would guarantee easier maneuvering in order to put one's hand on the statute: possible early exit it would in fact require the approval of a amendment to the statute by the city council, even if the decision of the Municipality of Milan to sell could further simplify any process.
What are the suitors of the blue line that yields a guaranteed minimum over 6%
The current shareholders' desire to raise cash could be satisfied by the interest of some funds for the M4, as demonstrated by the choice of F2i, of the French Vauban, of the American meridian e others infrastructure funds of come forward already. La concession provides for a minimum yield guaranteed higher than 6% and in the long run one could imagine synergies with the M5, the other underground line today entirely in private hands (Railways first shareholder with 36,7%) and which in 2021 generated profits of 6 million euros.
