Atlantia, CDP discuss price adjustment scheme in Autostrade sale: sources

FILE PHOTO: A view of the Autostrade per l'Italia headquarters in Rome, Italy, July 21, 2020. REUTERS/Yara Nardi

ROME/MILAN (Reuters) - A possible deal for the sale of Atlantia’s 88% stake in its motorway unit Autostrade per l’Italia to Italian state lender CDP may include a price adjustment mechanism to account for some future damage claims, two sources familiar with the matter said.

Such a mechanism, which would allow the buyer to cut the acquisition price for Autostrade up to a pre-agreed amount, could be a turning pohint in the long-drawn out negotiations, increasing the chances of a final deal.

The two parties so far did not see eye to eye on who was due to foot the bill of possible future claims stemming from the deadly collapse of a motorway bridge run by Autostrade in 2018.

A further price adjustment mechanism for Autostrade would also take into account potential changes to the motorway unit’s financial and economic plan, which still needs to be evaluated by Italy’s transport authorities, the sources said.

“The negotiations envisage 10 weeks of due diligence once an offer has been presented,” one of the sources said.

Atlantia ATL.MI and CDP were not immediately available for comment.

Reporting by Giuseppe Fonte and Francesca Landini; editing by Agnieszka Flak