Why Cdp buffers Atlantia and Aspi on indemnity
All the latest news on the Autostrade per l'Italia dossier (Aspi) between Cassa Depositi e Prestiti (Cdp), Atlantia and the government
Skin tensions between CDP and Atlantia over the Aspi dossier. Here are the latest news.
The board of Atlantia tries to give a change to the Aspi dossier and gives the green light to the split of the investee or the block sale of 88% but Cdp remains very doubtful and now the dossier returns again to the government field with the risk of a new one dangerous impasse on the concession.
The 'dual track' initiated, explains the holding controlled by Benettons, is "open to CDP and other Italian and foreign institutional investors" and will allow Aspi and Atlantia "to focus on businesses that are different from a geographical point of view and risk profile and performance ".
It is a scheme that the ICT activist fund likes ('finally a fair and market-friendly process') but that hangs on many unknowns and various conditions precedent, first of all the approval of the Pef, the new economic and financial plan , by the Ministry.
And it is an olive branch thrown to the Cassa Depositi e Prestiti, controlled by the Ministry of Economy.
Already in recent days, the government had shown some opposition to Atlantia's intention to continue with the withdrawal from Aspi without the involvement of CDP , with which negotiations have now been stalled for weeks.
According to government rumors, the decision of the board of Atlantia disregards the commitments of July 14 and leaves Atlantia and Aspi in a regulatory and financial limbo, with the latter – it is observed – without the indemnity on indirect damage to Genoa and the green light for Pef is in financial stalemate.
Cassa Depositi yesterday sent a letter to the Atlantia holding in which it establishes the maximum time for reaching an agreement within the next 7 days.
The CDP group chaired by Giovanni Gorno Tempini and led by the CEO, Fabrizio Palermo, the fulfillment of a key condition: that is, that the holding controlled by the Benettons grants the indemnity to the new shareholders who will take over the capital of Autostrade, relieving them of civil liability for damages indirect that could arise from the process underway in Genoa for the Morandi bridge.
Furthermore, according to industry observers, the lack of indemnity would have exposed the CDP directors to unacceptable responsibilities as well as jeopardizing the company that manages an important slice of Italian savings.
In reality, as mentioned, in the restructuring scheme approved today by the board of directors, the door to Cassa remains open anyway. In fact, the demerger of 55% of Aspi in the newco Autostrade Concessioni e Costruzioni and the contribution in kind by Atlantia of another 33%: the result is a stake in the newco equal to 38% which can be sold to third party investors. such as Cdp .
In any case, the meeting for the split is convened for next October 30th and until that day the game is potentially open to further twists.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/smartcity/perche-cdp-sbianca-atlantia-e-aspi-sulla-manleva/ on Fri, 25 Sep 2020 12:32:56 +0000.