Highways, defined the transaction, Benetton out by the board of directors

Get the agreement about transaction of shares of Atlantia, the holding company of the Benetton family, in Highways: the agreement was reached in the course of the Council of Ministers of 14 July, continuing until late at night. According to what was established, the shares in the company of the Benetton fall from 88% to 10-12%, while the remaining out by the board of directors; at the same time, is provided to theinput of the State through Cassa depositi e prestiti, with the acquisition of 51% of the shares.

The transaction, which is expected to be completed in six months or a year, consists of two phases: in the first there would be theinput of the Cdp with the 51% spin-off Atlantia by Aspi, with the holding below the threshold of entrance in the board of directors. In the second, instead, would be the time of the ipo, which should generate a company with a widespread shareholder base high – up to 50% – with the possible entry of new members. To the input of the Cdp proposes an increase of capital for the acquisition of control. Alternatively, Atlantia said she is willing to sell the entire participation in the Aspi in the Cdp and other institutional investors to their liking.

In a note published by the Council of Ministers is the law that the Cdm has started “the process required by law for the formal definition of the transaction” Aspi, “notwithstanding that the waiver of the revocation may take place only in case of completion of the agreement“. The transaction, which, it is stated, will be conducted by the Ministers of Economy and Transport. The ok of Aspi is arrived in the course of the Council the river this night with four letters. The agreement includes “compensatory measures – laws: compensation – the sole responsibility of Aspi for the total amount of 3.4 billion euros.”

But there is also “the acceptance of the tariff regulation introduced by Art (Authority of regulation of transport, ndr), with a significant moderation of the dynamics of pricing: and then a decline in rates. In the agreement, we also speak of a “strengthening of the system of controls” and “increased penalties in the case of minor breaches” on the part of Aspi. Part of the agreement is the waiver by the Aspi to all claims “on the activities of reconstruction of the bridge Morandi” and the “tariff system, including judgments against the resolutions of the Authority adjustment of transport”.

Not only that, Aspi a waiver of the remedies to challenge the lawfulness of art. 35 of the law decree “Milleproroghe””, legislation that erases the criminal to be paid to the dealers in case of revocation for non-performance. Atlantia and Aspi, they also undertake “to ensure the immediate transfer of the control of Aspi in the Cdp, in view of the realization of a very important plan of maintenance and investment, is contained in the same proposal of a settlement”.