ROME (Reuters) – Atlantia investor and hedge fund TCI has urged Italy’s authorities to not put any stress on the Italian infrastructure group to strike a deal to promote its motorway enterprise Autostrade, a letter seen by Reuters exhibits.
TCI’s letter, dated April 12, asks the federal government to permit Atlantia to judge “independently and free from any political interference” a suggestion for Autostrade from Spanish infrastructure group ACS.
Autostrade, which manages half of Italy’s motorway community, has been within the political crosshairs because the 2018 lethal collapse of a Genoa motorway bridge run by the corporate.
As a part of a government-backed initiative to reclaim management of the motorways, Atlantia is in superior talks with a consortium led by Italian state lender Cassa Depositi e Prestiti (CDP), which has offered a binding supply for Autostrade.
Nevertheless, ACS has despatched an expression of curiosity for Atlantia’s 88% stake in Autostrade, which it values at between 9 billion and 10 billion euros ($12 billion), in a transfer that would foil the federal government’s plans.
“Atlantia must be allowed to take the required time to contemplate the ACS supply,” TCI mentioned within the letter, including that Rome mustn’t make approval of Autostrade’s financial and monetary plan conditional on a take care of the CDP-led consortium.
Such a situation can be a “blatant violation of the precept of free motion of capital”, TCI mentioned.
The supply from the CDP and companions Macquarie and Blackstone (NYSE:) relies on an Autostrade valuation of 9.1 billion euros, which some Atlantia traders, together with TCI, consider is simply too low.
On Sunday Italian newspaper La Stampa reported that U.S. funding agency Apollo and Italian group Toto Holding may additionally submit gives.
The Atlantia board has known as a shareholder assembly on Could 28 to look at the CDP-led bid.
($1 = 0.8345 euros)
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