MILAN (Reuters) – The boards of Benetton-backed Atlantia
Rome has been threatening to revoke the toll road licence held by Atlantia’s Autostrade per l’Italia unit since a bridge it operated in the port city of Genoa collapsed in August 2018, killing 43 people.
The government has brought to a head the two-year long dispute saying it wants a solution by the end of the week after rejecting previous proposals by Autostrade to reach a compromise.
Atlantia declined to comment on the board meetings.
To put a stop to proceedings to revoke the concession, Autostrade must submit a new proposal by the weekend detailing steps that include lowering tariffs and paying compensation to meet indications received from the government at a meeting on Thursday.
The Benetton family owns 30% of Atlantia which in turns owns 88% of Autostrade, the rest being in the hands of Chinese fund Silk Road and Germany’s Allianz
Italy’s anti-establishment 5-Star Movement, a partner in the ruling coalition, wants the Benettons to loosen their grip on Autostrade after calling for the group to be stripped of its concession.
The ruling centre-left PD party has said it would favour a settlement to avoid legal disputes dragging on.
Two sources familiar with the matter have said the Benettons were ready to lower Atlantia’s stake in Autostrade below 50% through a capital increase that new shareholders could subscribe to.
Sources have previously said the government had drafted a plan under which infrastructure fund F2i and state lender CDP would split a majority stake in Autostrade.
By 0845 shares in Atlantia were up 3.4%.
(Reporting by Stephen Jewkes in Milan and Giuseppe Fonte in Rome. Editing by Giselda Vagnoni and Jane Merriman)
