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Allianz, ADIA Said to Plan Binding Bids for Autostrade Stake

Updated on
  • Caisse De Depot also said to be interested in next-round bid
  • Atlantia plans to sell 15% stake to international investors

Allianz SE’s infrastructure and private equity investment arm and the Abu Dhabi Investment Authority are among companies planning binding offers for part of a 15 percent stake in Italian toll-road operator Autostrade per L’Italia SpA, people familiar with the matter said.

Caisse de Depot et Placement du Quebec, Canada’s second-largest pension fund, is also weighing an offer, the people said, asking not to be identified because the process is private. Atlantia SpA, the infrastructure company controlled by the billionaire Benetton family, is close to selecting bidders to submit binding offers by the end of March, they said.

Atlantia plans to split the holding, valued at about 2.5 billion euros ($2.64 billion), among a number of international investors, the people said. Representatives for Allianz, ADIA and Caisse de Depot declined to comment. Atlantia had no comment.

Chief Executive Officer Giovanni Castellucci is raising funds to acquire airport and highway assets outside Italy, part of a strategy to reduce the company’s dependence on its home market. Atlantia said in October that it plans to double the percentage of earnings before interest, taxes, amortization and depreciation from abroad to 50 percent by 2020.

The company led a consortium that agreed to buy a controlling stake in France’s Nice-Cote d’Azure airport in July for 1.2 billion euros.

Atlantia shares rose as much as 2.1 percent in Milan trading, the biggest intraday jump since the beginning of 2017. The stock gained 1.4 percent to 22.12 euros at 12:41 p.m., giving the company a market value of 18.3 billion euros.

— With assistance by Mahmoud Habboush, Daniele Lepido, and Oliver Suess

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