Third auction, third nothing done. No offer was presented for 52,9% of the Milan Serravalle put up for sale by Asam, the holding company of the Province of Milan. At 12 today the announcement closed and – for the third time in a row – no one came forward.
The measures to make the quota more attractive were of no use: the decrease in the price from 4,45 to 4 euros (with the possibility of a reduction) and the reduction of the stake sold (in the first two auctions it was 82%). Foreign investors don't seem to be interested in the asset and the hypothesis of an Italian consortium, circulated in recent days, has lost substance.
At this point the Province will have to evaluate alternative interventions, both to comply with the Stability Pact and to repay the debt of the Asam holding company, on which it has breached the bank covenants. The first option on the table is placement on the Stock Exchange, envisaged by the resolution of the provincial council in the event that the auction has gone unanswered.
