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
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
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
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
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
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)