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


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Sweeter offer for Atlantia unit could derail spin-off, proxy advisers say

10/21/2020 | 01:28pm EST

MILAN, Oct 21 (Reuters) - Any vote by shareholders in October in favour of the spin-off of the Italian motorway assets of Atlantia could be set aside if an attractive offer from state lender CDP or other suitors came along, proxy advisers said.

In reports prepared for the infrastructure group's shareholder meeting on Oct. 30, Glass Lewis and ISS recommended investors vote in favour of a plan to spin off the group's 88% stake in Autostrade per l'Italia.

But they also said such a move could subsequently be undone.

"Shareholders should be aware that even if the demerger is approved, the company may still opt to pursue a sale of its entire interest in Autostrade to CDP and/or other investors," Glass Lewis said.

Atlantia is currently in talks with a consortium comprising CDP and investment funds Macquarie and Blackstone regarding the potential sale of its entire stake in Autostrade.

On Tuesday the group said it would give the CDP-led consortium until Oct. 27 to improve its bid.

"If (the Atlantia) board determines that the terms of such a sale are more favourable than the proposed separation, the board may call a separate meeting at a later date to seek shareholder approval to revoke this proposal," Glass Lewis said.

Proxy adviser ISS also said "a sound offer" for the 88% stake in Autostrade could prompt it to urge investors to revoke any shareholder approval on Oct. 30.

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

A deal seemed close in July when Rome approved a plan under which Atlanta would cede control of Autos to CAP. But talks floundered, prompting the group to press ahead with plans for a demerger.

Last week, CAP and Atlanta began exclusive talks to try to break the deadlock. (Reporting by Francesca Landini; editing by Emelia Sithole-Matarise)

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ALLIANZ SE 0.89% 199.9 Delayed Quote.-9.28%
ATLANTIA SPA 1.90% 15.57 Delayed Quote.-26.55%
THE BLACKSTONE GROUP INC. 0.08% 60.53 Delayed Quote.8.21%
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Sales 2020 8 407 M 10 068 M 10 068 M
Net income 2020 -366 M -438 M -438 M
Net Debt 2020 39 542 M 47 356 M 47 356 M
P/E ratio 2020 -34,3x
Yield 2020 0,23%
Capitalization 12 491 M 14 934 M 14 960 M
EV / Sales 2020 6,19x
EV / Sales 2021 4,65x
Nbr of Employees 28 955
Free-Float 55,7%
Duration : Period :
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Technical analysis trends ATLANTIA SPA
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Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 16,95 €
Last Close Price 15,27 €
Spread / Highest target 50,6%
Spread / Average Target 11,0%
Spread / Lowest Target -56,2%
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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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