* Nearly 87% of Atlantia investors approve CDP-led bid
* Deal to end dispute triggered by 2018 bridge collapse
* CDP, Macquarie, Blackstone value unit at 9.3 bln euros
MILAN, May 31 (Reuters) - A large majority of Atlantia's
investors on Monday backed the sale of the group's
stake in its motorway unit to Italian state lender CDP and
allies, drawing a line under a dispute triggered by a deadly
bridge collapse in 2018.
Cassa Depositi e Prestiti (CDP), together with Blackstone
and Macquarie, put forward an offer last month
valuing Atlantia's Autostrade per l'Italia unit at 9.3 billion
euros ($11 billion).
The proposal is backed by the government, which has been
seeking to regain control of Autostrade ever since a bridge run
by the toll-road company in the port city of Genoa gave way on
Aug. 14, 2018, causing the death of 43 people.
Atlantia, controlled by the powerful Benetton family, said
in a statement the offer won 86.86% support in a shareholder
vote, adding turnout was 70.4%.
The outcome confirms what sources had told Reuters.
Investor advisers Glass Lewis, ISS and Frontis Governance
all recommended Atlantia's shareholders give their go-ahead to
the sale of the infrastructure group's 88% stake in Autostrade
to the CDP consortium.
Atlantia said later on Monday its board would meet on June
10 to give its final assessment of the offer. It is expected to
rubber stamp Monday's decision.
The sale will free up capital and management time for the
group to pursue new initiatives after nearly three years of
The transaction was approved despite criticism from some
shareholders, including TCI. The activist fund repeatedly said
that Autostrade was worth at least 11 billion euros.
TCI had also backed an attempt by Spain's Florentino Perez
to study a rival offer for Autostrade through infrastructure
group ACS, but the entrepreneur - who is president of
soccer club Real Madrid - did not win the support of the
Italian government to move ahead with a binding bid.
The activist fund did not disclose how it voted on Monday.
Germany's Allianz and funds DIF, EDF Invest and
China's Silk Road Fund, which own the remaining 12% of
Autostrade, have an option to sell their stakes to the CDP
consortium under the same conditions.
Citi and UniCredit helped CDP on the offer for Autostrade,
while Rothschild and Lazard advised Macquarie and Blackstone
respectively. Atlantia worked with Goldman Sachs, JP Morgan,
Mediobanca and Merrill Lynch on the deal.
($1 = 0.8203 euros)
(Editing by Steve Orlofsky and Mark Potter)