Shareholders in Atlantia on Friday approved the split of Autostrade per l’Italia, as the Italian infrastructure group moves to part ways with the motorway unit running a bridge that collapsed in 2018 killing 43 people.
Atlantia said in a statement the spin-off was backed by shareholders representing 99.7% of the share capital present at the meeting.
Atlantia also said that, should it receive an offer for the entire 88% stake it owns in Autostrade before the demerger becomes effective, it will assess whether the offer meets its interests and could ask investors to reconsider the spin-off.
Atlantia, controlled by Italy’s Benetton family, is in the crosshairs since the 2018 deadly bridge collapse.
The Italian government has threatened to strip Autostrade of its lucrative motorway concession, putting the future of the unit in doubt.
In an attempt to solve the dispute, Atlantia has entered talks with a consortium led by Italian state-backed investor Cassa Depositi e Prestiti (CDP) to sell its entire stake in Autostrade, but negotiations have been dragging on since July last year.
In parallel, Atlantia is pressing on with an alternative plan to relinquish control of Autostrade through the demerger approved on Friday and a proposed listing.
Under the scheme, Atlantia will demerge a 33% stake in Autostrade in favour of a new company called ACC and distribute to its investors shares ACC will issue to finance the purchase.
Atlantia would then transfer the remaining 55% stake in Autostrade to ACC and receive in return ACC shares.
ACC will then be listed on the Milan stock exchange.
Source: Reuters.com