ROME, May 13 (Reuters) – The Benetton household and U.S. fund Blackstone (BX.N) have notified the Italian authorities about their takeover provide for Atlantia (ATL.MI) to safe Rome’s green light earlier than its launch, two sources with data of the matter stated on Friday.
Rome has particular anti-takeover “golden powers” it might probably use to protect strategic belongings, corresponding to airports and digital infrastructure, when there’s a change within the possession construction.
The bid, which values Atlantia at 58 billion euros ($60.4 billion) together with debt, was filed final week with the federal government, one of many sources advised Reuters.
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The supply stated the transfer got here across the identical time as the 2 suitors lodged the bid prospectus with Italy’s market watchdog Consob, Bank of Italy and Bank of Spain to get clearance to launch the provide on Milan’s inventory alternate.
Last week three sources advised Reuters the bidders would seemingly kick begin their formal provide within the second half of August or in September. learn extra
A change within the title of the funding automobile for the provide after protests on behalf of the victims of the 2018 Genoa bridge catastrophe will not be anticipated to sluggish the approval course of, the supply stated. learn extra
Last week Italy’s infrastructure minister stated it was “too early to say” whether or not the federal government would train its particular veto powers on the transaction, including the federal government wished to see the general plan earlier than taking a choice.
In the case of Atlantia, the golden powers apply to the group’s Aeroporti di Roma unit, which manages Italy’s busiest airport Rome Fiumicino, and digital toll cost unit Telepass, which handles information on site visitors and banking accounts of its shoppers.
The bid can already depend on the backing of the Benetton household’s holding firm Edizione, which owns 33% of Atlantia, and Italian banking basis CRT, which holds 4.5% within the infrastructure group.
Atlantia on Thursday stated it picked BNP Paribas and Morgan Stanley to advise it on the bid.
($1 = 0.9610 euros)
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Reporting by Giuseppe Fonte in Rome, Francesca Landini in Milan
Editing by Keith Weir
Our Standards: The Thomson Reuters Trust Principles.
Benetton, Blackstone seek green light from Italy’s govt for Atlantia bid & More Latest News Update
Benetton, Blackstone seek green light from Italy’s govt for Atlantia bid & More Live News
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Benetton, Blackstone seek green light from Italy’s govt for Atlantia bid & More News Today
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