Atlantia Shares Soar Amid Reports of Highway Operator Spin-Off Deal
September 02 2020 - 6:22AM
Dow Jones News
By Mauro Orru
Atlantia SpA's shares jumped Wednesday after reports that the
company is close to reaching an agreement with Italian state lender
Cassa Depositi e Prestiti to relinquish control over highway
operator Autostrade per l'Italia SpA.
At 0945 GMT, Atlantia shares traded 15% higher at EUR15.50.
The Italian infrastructure company is considering spinning off
70% of its 88% stake in Autostrade as well as a capital increase of
6 billion euros ($7.15 billion) for Cassa Depositi e Prestiti and
other funds, Equita Sim analyst Stefano Gamberini said, citing
reports from Italian daily La Repubblica.
The potential deal would pave the way for the reduction of debt
at Autostrade by using EUR4 billion out of EUR6 billion raised,
with the remaining EUR2 billion to acquire the 18% stake Atlantia
will have left, Mr. Gamberini said, adding the deal effectively
values Autostrade at EUR11 billion.
"It will be important to verify if tomorrow's Atlantia Board of
Directors will include this solution among the several ones under
analysis," Mr. Gamberini said.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
September 02, 2020 06:07 ET (10:07 GMT)
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