© Reuters. FILE PHOTO: The brand of infrastructure group Atlantia in Rome, Italy October 5, 2020. REUTERS/Guglielmo Mangiapane
By Francesca Landini and Stephen Jewkes
MILAN (Reuters) – The Benetton household and U.S. funding fund Blackstone (NYSE:) are engaged on a premium of round 30% over Atlantia’s common inventory value within the final six months, as they prepared a bid that would land as early as Wednesday, three sources mentioned.
The 2 companions are contemplating a suggestion between 22 and 23 euros per share, one of many sources mentioned, however cautioned no ultimate determination had been taken.
Whereas a big premium on the six month common share value, that may be a extra modest enhance over the present value of about 21.7 euros, and would worth the entire of Atlantia – through which the Benetton household already owns a 33% stake – at about 18.1-19.0 billion euros ($19.7-$20.7 billion).
Shares within the Italian infrastructure group have gained almost 20% since April 6 when hypothesis first emerged about an strategy involving International Infrastructure Companions (GIP), Brookfield and Florentino Perez, head of Spain’s ACS.
The inventory hit a two-year excessive of twenty-two.5 euros on Monday as buyers waited for a transfer that would take the group non-public.
“The supply might land very quickly, even early Wednesday morning,” one of many sources mentioned.
Blackstone and Benetton holding firm Edizione declined to remark.
GRAPHIC – Atlantia’s bumpy journey https://fingfx.thomsonreuters.com/gfx/mkt/byvrjbylxve/ATLANTIA_BID_WAR.png
Edizione and Blackstone need to delist Atlantia to defend it from the urge for food of rival suitors, who approached the Benettons final month with a proposal to purchase the group and hand over Atlantia’s motorway concessions to Perez.
GIP, Brookfield and the Spanish tycoon are in a ‘wait and see’ mode after the Benetton household and Atlantia’s long-time buyers CRT and GIC rebuffed their supply, sources have mentioned.
The takeover supply comes as Atlantia prepares to pocket 8 billion euros from the sale of the group’s Italian motorway unit, a deal geared toward ending a political dispute triggered by the 2018 collapse of a motorway bridge.
It additionally places the highlight on Alessandro Benetton, 58, who was appointed chairman of Edizione earlier this yr, tightening the household’s grip on its investments.
After parting methods with its Autostrade per l’Italia, Atlantia will proceed to run airports in Italy and France, motorways in Europe and Latin America and digital toll cost firm Telepass.
The Italian authorities up to now has been silent on the most recent developments, but it surely has particular vetting ‘golden’ powers over strategic property, such because the nation’s airports and their possession.
($1 = 0.9184 euro)