By Giuseppe Fonte
ROME (Reuters) – A meeting between Italy’s Prime Minister Giuseppe Conte and coalition allies on Wednesday to try settle a row over Atlantia’s motorway business yielded no progress, two government sources said.
Fresh talks on the matter are expected soon, the two people added, without giving a precise date.
Conte is expected to comment on the matter after markets close on Wednesday, one of the sources said.
The ruling, anti-establishment 5-Star Movement pledged to strip Autostrade per l’Italia of its lucrative concession to run motorways after the deadly collapse of a bridge it operated.
The centre-left PD party, which governs with 5-Star, has been reluctant to deprive Autostrade of its concession, fearing it could lead to a large compensation claim against the state.
A resolution to the issue could clear the way for a 1.25 billion-euro ($1.37 billion) state-guaranteed loan which Autostrade has applied for to weather the coronavirus crisis. [nL8N2D71C5]
The request for help during the virus pandemic triggered criticism last week from 5-Star members who are against the state guaranteeing funding to Atlantia, led by the Benetton family.
5-star wants either a revocation of the concession or Atlantia to reduce its 88% stake in Autostrade so that the Benetton family loses control of the motorway operator, a party source said.
The government would back an acquisition of a relevant stake in Autostrade by infrastructure fund F2i and state lender CDP, the government sources said.
However, a third source close to the matter told Reuters that CDP was unwilling to take a stake in Autostrade before the dispute with the government was settled.
Shares in Atlantia closed up 3.7% at 15.09 euros.
($1 = 0.9124 euros)
(Additional reporting by Angelo Amante and Stephen Jewkes; Editing by Kirsten Donovan and Mark Potter)
