Benetton Household Sells Stake in Italy’s Main Freeway Operator – WWD

MILAN – The Benetton household is ready to relinquish its management over Italy’s predominant freeway firm, Autostrade per l’Italia SpA, or Aspi.

The Benettons’ household holding firm Edizione has a 30.3 % stake in Atlantia SpA, which has managed Aspi for greater than twenty years. The board of Atlantia has agreed to promote your complete stake in Autostrade per l’Italia to a consortium fashioned by CDP Fairness S.p.A., The Blackstone Group Worldwide Companions LLP and Macquarie European Infrastructure Fund 6 SCSp. CDP is managed by Italy’s Ministry of Financial system and Funds.

The deal, which come after prolonged negotiations and false begins, can be formalized on June 10 and is reported to convey 2.4 billion euros into the Benettons’ coffers.

The sale comes nearly three years after the collapse of a bit of the Morandi bridge in Genoa in August 2018, which induced 43 deaths, evacuations of lots of of individuals, and heavy structural damages. Opened in 1967 and a part of the A10 freeway linking the French and Italian rivieras, the bridge was maintained and operated by Autostrade Per l’Italia.

The federal government had been threatening to strip Autostrade of its profitable toll-road enterprise because the deadly accident and accused it of neglecting upkeep of the bridge. Aspi is to pay a compensation payment of three.4 billion euros.

The bridge, renamed San Giorgio, has been rebuilt on a Renzo Piano blueprint and was inaugurated final August.

The lethal collapse additionally grew to become a battleground for political events, all converging in turning Atlantia — and subsequently the Benetton household — into the scapegoat liable for the tragedy. Patriarch Luciano Benetton has gone on the file to sentence the Italian authorities’s “unfair accusations” at the moment.

As per the latest figures obtainable, in 2019 Edizione revenues rose 36 % to 17.9 billion euros, boosted by the consolidation of Abertis, chief within the administration of toll roads and infrastructure. 

Edizione’s clothes and textile division represented 6.8 % of whole gross sales, ringing in at 1.23 billion euros.

Infrastructures accounted for 62.6 % of the full with gross sales of 11.2 billion euros. Meals providers represented 30.1 % of the full with gross sales of 5.4 billion euros. 

In 2019, Edizione’s working revenue totaled 1.9 billion euros, down 4 % in contrast with 2018, impacted by the supply of 1.5 billion euros made by Autostrade per l’Italia linked to the alleged non-compliance dispute following the collapse of the Morandi bridge.

Edizione is owned by the 4 branches of the Benetton household in equal stakes by the next firms: Evoluzione, Proposta, Regia and Ricerca.

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