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Bloomberg
Italian Prime Minister Giuseppe Conte is set to push for revoking highway concessions held by Autostrade per l’Italia SpA, rejecting a final offer from the Benetton-owned toll-road manager in a dispute that has split his coalition. Shares of the company’s owner, Atlantia SpA, slumped.
“I’m not satisfied at all with the offer, which is embarrassing,†Conte told newspaper Il Fatto Quotidiano. With the cabinet set to decide on the issue on Tuesday, Conte said he sees revocation as the only alternative to the Benettons fully exiting Autostrade.
The anti-establishment Five Star Movement, the largest force in Conte’s administration, has demanded revocation since the deadly 2018 collapse of a Genoa bridge operated by Autostrade, while the center-left Democratic Party has lobbied for a negotiated solution. Autostrade is 88% owned by Atlantia.
Atlantia shares failed to open limit down in Milan trading. They were indicated about 10% lower at 12 euros. Autostrade’s 750 million euros of bonds due 2026 fell more than 1 cent on the euro to 91 cents, the lowest level in three weeks, according to data compiled by Bloomberg.