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Genoa. Had to be one “Exemplary punishment”, like someone said but will become one easy multi-million dollar compensation, with many greetings and thanks. A new meeting is scheduled for today between government and the vertices of Atlantia, to define, or attempt to do so, the agreement that provides the launch of Benetton from the control of Highways for Italy and the taking of the state through Deposit fund and we loan. But the plot of the deal seems to be already decided.
On the table, in fact, there is a solution that could satisfy everyone, Benetton including: in the first instance, Atlantia should proceed with a 70% (88%) spin-off of Aspi and Aspi which would go public with an initial capital increase of 6 billion. Operation that would convert Cdp into a shareholder and allow the acquisition of the remaining 18%. Edition, the Benetton family holding company that controls 30% of Atlantia, could therefore from this operation raise nearly two billion from the sale of Aspi’s stake, whose value these days has been valued at 11 billion.
The capital increase financed with public funds would also cover Autostrade’s debt, which amounts to approximately 4000000000, won in recent years, and exacerbated in recent months with the “blow” to the transport of the confinement. Not to mention that in the coming years we will have to start one mass maintenance season extraordinary that according to some estimates could weigh 14 billion. Who will have to pay for the new Aspi, with public traction, together with the German partners of Allianz and to the Chinese of Silk Road (read Chinese government), which divided the rest of the package.
In short, after the fierce words we heard in the hours after the Morandi collapse on August 14, 2018, which promised rigor and punishment to respond to the emotional earthquake of the event, the reality of the markets arrived, difficult to take advantage of while remaining within Right. Foreseeable. And Atlantia’s double-digit jump in the stock market right now shows its appreciation.
But the story lies in the medium and long term: As we know, the motorway sector is decidedly profitable, as evidenced by the fact that Aspi’s annual turnover exceeds two billion a year: since 2001 it has raised more than 40 billion euros. Doing a quick count fairly close, if between acquisition, debts and maintenance the state could spend around 20 billion, this could be the income of about 10 years of management. And if the profit generated since 1999 is around 10 billion (which is a quarter of the revenue), it means that everything will pay off in about 40 years. Obviously thanks to the toll, which is ours. But that is another story the same old story.
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