July 16, 2020 / 3:47 PM / 23 days ago

Italy gives Atlantia until July 23 to submit new motorway business plan

MILAN (Reuters) - Italy’s transport ministry gave infrastructure group Atlantia (ATL.MI) until July 23 to come up with a new business plan for its motorway unit following an agreement reached on Wednesday to transfer the unit to state control.

In addition to the change of control, the group agreed to changes in tariffs as well as a new investment plan of up to 14.5 billion euros and must now present details within a week, the ministry said in a statement.

The agreement, which will see Atlantia’s Autostrade per l’Italia come under state control before an eventual spin off and listing, is intended to resolve a dispute over a bridge operated by Autostrade, which collapsed in 2018, killing 43 people.

Reporting by James Mackenzie

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