All the reasons for the government's disagreements with Atlantia on Autostrade per l'Italia
Atlantia changes the approach and terms of the initial agreement with the g0verno on the Aspi dossier. And the executive gets mad.
The first letter (dated 14 July) from Atlantia and Aspi, sent to Palazzo Chigi, Mit and Mef, recorded the willingness to sign an agreement which provides for "a capital increase by Aspi reserved for a State-owned entity (Cassa Depositi and Loans) in compliance with the rights of minority shareholders in order to allow the acquisition of a 33% overall post-capital increase share (hopefully by 30 September) ".
The increase, it was clearly indicated, "is functional to ensure the contribution of new resources necessary to finance the investment plan on the motorway network". The second step is the sale of Aspi shares to institutional investors, to the satisfaction of Cdp, for a 22% share. Also in this case "functional to ensure the entry of new financial resources to be used for investments and debt reduction". Then the third step, with the creation of a corporate vehicle and finally the listing.
Yesterday's letter, sent by Atlantia to Palazzo Chigi, Mit, Mef and for information to Cdp, indicates the proposals also contained in the press release issued by the company. There are two hypotheses that are made "in a spirit of good faith" by proposing "alternative solutions suitable for achieving a separation between the company and Aspi, however, which will give certainty to the market both in terms of timing and transparency". Two hypotheses: the first is a "sale through an international competitive process managed by independent advisors of the entire 88% stake held in Aspi, in which the CDP can participate jointly with other institutional investors". The second proposal, on the other hand, consists of another transfer mechanism with the "partial or proportional spin-off of a share up to 88" of Aspi by creating a beneficiary vehicle to be listed on the stock exchange thus creating a contestable public company ".
The decisions taken yesterday by the board of Atlantia and communicated in a letter sent to Palazzo Chigi, to the ministry of Economy and to the ministry of Infrastructure and Transport and for knowledge of the CDP, therefore mark a turnaround with respect to the commitments made by the group in the middle July.
In the one sent on July 14, Atlantia agreed on the scheme of the transaction which included, among other things, the resolution of a capital increase reserved for a state-owned entity, CDP, in order to allow the acquisition of an overall post-increase share of capital of 33%, hopefully by 30 September 2020.
A pattern that in yesterday's letter is canceled by the resolutions taken by the board of directors and communicated to the executive. On the table there is now the possibility of proceeding with the sale through an international competitive process – managed by independent advisors – of the entire 88% stake held in Autostrade per l'Italia, in which “CDP may participate jointly with other Institutional Investors to his liking "; the partial and proportional spin-off of up to 88% of Autostrade per l'Italia through the creation of a beneficiary vehicle to be listed on the stock exchange, thus creating a contestable public company.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/smartcity/perche-governo-e-tesoro-sono-imbufaliti-con-atlantia-su-aspi/ on Thu, 06 Aug 2020 13:10:15 +0000.