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MarketScreener Homepage  >  Equities  >  Italian Stock Exchange  >  Atlantia SpA    ATL   IT0003506190

ATLANTIA SPA

(ATL)
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Italy's CDP to present plan to buy Atlantia's motorway business on Monday - sources

10/19/2020 | 07:12am EST

MILAN, Oct 19 (Reuters) - Italian state lender CDP is trying to put together a proposal on Monday to buy Atlantia's 88% stake in motorway business Autostrade per l'Italia along with two big international funds, three sources close to the matter said.

CDP's investors - Italy's Treasury and a group of banking foundations - are expected to give their nod to the plan on Monday and final approval is expected later in the day when CDP's board is due to meet, the sources said.

Presentation of the proposal by CDP in a consortium with investment funds Macquarie and Blackstone could mark a turning point in long-running negotiations between Atlantia and the government.

The group has been embroiled in a legal dispute with Rome since 2018, when a bridge run by Autostrade collapsed killing 43 people. The government has threatened to strip Autostrade of its motorway licence.

The two parties had moved closer to a deal in July, when Rome approved a plan under which Atlantia would cede control of Autostrade to CDP, but negotiations to finalise the project floundered.

Last week, CDP and Atlantia began exclusive talks to try to break the deadlock.

The plan under discussion would involve CDP having 40% of the consortium, while Macquarie and Blackstone each would have 30%, two sources said.

CDP could then sell on part of its stake in the motorway business to Italian investors at a later stage.

The sources said talks were still ongoing and how much the deal would be worth was still under discussion.

Bank of America analysts have estimated the equity value of Atlantia's stake in Autostrade at 9 billion euros ($10.58 billion). CDP's offer may include a price adjustment mechanism to account for some damage claims for Autostrade, two sources have said.

Atlantia's board is to meet at 1600 GMT, sources said. ($1 = 0.8504 euros) (Reporting by Francesca Landini, Stephen Jewkes, Stefano Bernabei. Editing by Jane Merriman)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ALLIANZ SE -0.54% 198.12 Delayed Quote.-8.83%
ATLANTIA SPA -0.26% 15.2 Delayed Quote.-26.58%
BANK OF AMERICA CORPORATION 1.29% 29.06 Delayed Quote.-18.54%
MACQUARIE GROUP LIMITED -1.32% 138.34 End-of-day quote.0.36%
THE BLACKSTONE GROUP INC. 1.95% 61.6 Delayed Quote.10.12%
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Financials
Sales 2020 8 407 M 10 182 M 10 182 M
Net income 2020 -366 M -443 M -443 M
Net Debt 2020 39 542 M 47 893 M 47 893 M
P/E ratio 2020 -34,3x
Yield 2020 0,23%
Capitalization 12 487 M 15 086 M 15 124 M
EV / Sales 2020 6,19x
EV / Sales 2021 4,65x
Nbr of Employees 28 955
Free-Float 55,7%
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Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 16,95 €
Last Close Price 15,27 €
Spread / Highest target 50,7%
Spread / Average Target 11,0%
Spread / Lowest Target -56,2%
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NameTitle
Carlo Bertazzo Chief Executive Officer & Executive Director
Fabio Cerchiai Chairman
Tiziano Ceccarani Chief Financial Officer
Valentina Martinelli Non-Executive Director
Giuseppe Guizzi Independent Director
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