Atlantia (company)

Atlantia Spa (formerly Autostrade Spa) is an Italian holding company operating motorways and airports.

It is a leading company in the world active in the motorway, airport infrastructure and transport services sector, with an extensive presence in 16 countries.

The group manages 14,000 kilometres (8700 miles) of toll motorways, Fiumicino and Ciampino airports in Italy and the three airstrips of Nice, Cannes-Mandelieu and Saint Tropez in France with more than 60 million passengers a year.[2]

It is listed on the Borsa Italiana and is a constituent of the FTSE MIB index.

The main shareholders are: Edizione (a company of the Benetton Family), GIC Pte Ltd, the CRT Foundation, Lazard Asset Management, HSBC Holdings.[3]

Although the main motorways in Italy are owned by Atlantia, some of the maintenance work is operated by the state-owned ANAS corporation.

Atlantia Spa
Formerly
Autostrade Spa
Società per Azioni
Traded asBITATL
FTSE MIB Component
IndustryTransportation
Key people
Giovanni Castellucci (CEO), Fabio Cerchiai (Chairman),
Revenue€11.3 billion (2018)[1]
Number of employees
31,000 (2018)
SubsidiariesAutostrade per l'Italia S.p.A., Abertis Infraestructuras SA, Aeroporti di Roma - ADR S.p.A., SPEA Engineering S.p.A., Pavimental S.p.A., Telepass S.p.A.
Websitewww.atlantia.it/en/

History

1950–2000: Foundation and consolidation

Founded in 1950 as Autostrade,[4] when the company Concessioni e Autostrade S.p.A. was created, it aimed to give a significant contribution, cooperating with other Groups, to the post-war reconstruction of Italy.

By the first agreement between ANAS signed in 1956, the companies were committed in co-financing, building and managing the Autostrada Del Sole, between Milan and Naples, inaugurated in 1964.[5] Between 1962 and 1968, the Company was granted the concession for the construction and operation of other motorways. In 1982 it was acquired by Italstat and in 1987 Autostrade Concessioni e Costruzioni S.p.A. was listed on Borsa Valori of Milan.

In 1999 the Autostrade company was privatized.[6] The consortium led by Schemaventotto S.p.A. (Edition of Benetton Group 60%, Fondazione CRT with 13.33%, Acesa Italia with 12.83%, Assicurazioni Generali and Unicredito Italiano both at 6.67% and Brisa International SGPS SA with 0.50%) and another one pulled by the Australian bank Macquarie, who retreated at last, were the other groups in the line.

With the 30% of the capital, Schermaventotto S.p.A. takes over the IRI Group, which was the reference shareholder. They did the only binding purchase offer for the share package paying IRI €5.05 billion; the remaining 56% of the shareholding held by IRI was intended to the stock market by a public sale offer which led to obtain 8.75 billion lire, for a total sum for IRI of 13,800 billion lire.

In January 2003 Newco28 made a tender offer, through a leveraged buyout operation: they found the liquidity necessary for the acquisition using the system credit and, consequently, the debt was transferred from Newco28 to Autostrade, following a merger by incorporation.

2003 was marked by a massive reorganisation of the group, the concession activities were separated from non-motorway activities and Autostrade per l'Italia S.p.A., a subsidiary of Autostrade (now Atlantia S.p.A.), was established.

2000–Present: Company renamed as Atlantia Spa

During the 2005 a process of geographical diversification began with the acquisition of the management of approximately 2,000 km of toll motorways in Brazil, Chile, India, and Poland.[7] In 2007, the Board of Directors approved the change of name into Atlantia S.p.A.[8]

In 2013, the merger by incorporation of Gemina S.p.A.,[9][10] the majority shareholder of ADR (Aeroporti di Roma) into Atlantia, was concluded, with the consequent aggregation of a second core business in addition to the motorway concessions. Atlantia’s acquisition of Aéroports de la Côte d’Azur, the company that controls the airports of Nice, Cannes-Mandelieu and Saint Tropez, consolidated the Group’s presence in the airport sector.[11]

During the summer of 2017, Atlantia declared the intention to make a tender offer on all the issued shares of Abertis Infraestructuras, and in October 2017 the Comision Nacional del Mercado de Valores authorised this. Just over a week later the Hochtief – Acs Group launched a bid against the tender offer to acquire the Spanish company. In March 2018 Atlantia and Hochtief-Acs reached an agreement for a joint offer for the control of Abertis,[12] which was finalised in October 2018. To acquire 98.7% of the capital of Abertis the parties invested €16.5 billion. In March 2018 Atlantia S.p.A bought 15.49% of Getlink, the company that controls the Channel Tunnel.[13]

Controversies

2018: Morandi Bridge Collapse

On 14 August 2018, the Atlantia owned Morandi Bridge collapsed causing the death of 39 people.[14] Standard & Poor’s immediately issued a CreditWatch negative rating to the company after the accident.[15] At the same time, Moody's also reviewed their ratings due to the accident.[16]

2018: High Debt Issue

In 2018, the net debt level of Atlantia and the subsidiary Autostrade per l'Italia, had raised concerns from journalists and rating agencies.[17][18]

References

  1. ^ "Il 2018 anno di grande cambiamento" - Fatturato Atlantia
  2. ^ "Borsa Italiana". Borsaitaliana.it. Retrieved 24 May 2019.
  3. ^ "ATLANTIA : Shareholders Board Members Managers and Company Profile - IT0003506190". Marketscreener.com. Retrieved 24 May 2019.
  4. ^ "Autostrade per l'Italia SpA: Private Company Information - Bloomberg". Bloomberg.com. Retrieved 24 May 2019.
  5. ^ "The construction of Italy's Autostrada del Sole in 1964 — Italianmedia". Ilglobo.com.au. Retrieved 24 May 2019.
  6. ^ "PRIVATISATION, REGULATION AND PRODUCTIVITY IN THE ITALIAN MOTORWAY INDUSTRY" (PDF). Retrieved 24 May 2019.
  7. ^ "Infrastructure Channel: What matters when planning an infrastructure investment". Infrastructure-channel.com. Retrieved 24 May 2019.
  8. ^ "Archived copy". Archived from the original on 2019-04-03. Retrieved 2019-04-03.CS1 maint: Archived copy as title (link)
  9. ^ "Atlantia SpA : Merger of Gemina with and into Atlantia". Marketscreener.com. Retrieved 24 May 2019.
  10. ^ "Atlantia and Gemina merge and give birth to Italian champion - Infrastructure Finance & Investment". Infrapppworld.com. 13 March 2013. Retrieved 24 May 2019.
  11. ^ "Atlantia Investor Briefing" (PDF). Infrastructure-channel.com. Retrieved 24 May 2019.
  12. ^ "Atlantia and ACS-Hochtief agree to jointly acquire Abertis - Infrastructure Finance & Investment". Infrapppworld.com. 16 March 2018. Retrieved 24 May 2019.
  13. ^ "Atlantia Acquires a 15.49% Stake in Eurotunnel (Getlink)". Businesswire.com. 2 March 2018. Retrieved 24 May 2019.
  14. ^ "Ponte Morandi Genova, chi sono i morti. Tutti i nomi". Quotidiano.net. Retrieved 24 May 2019.
  15. ^ "S&P places Atlantia on CreditWatch negative after bridge collapse". Reuters. 17 August 2018. Retrieved 26 June 2019.
  16. ^ "Rating Action: Moody's reviews for downgrade Atlantia's, Autostrade per l'Italia's and Aeroporti di Roma's ratings" (Press release). Moody's. 22 August 2018. Retrieved 26 June 2019.
  17. ^ Casiraghi, Luca; Ebhardt, Tommaso; Vanuzzo, Antonio (21 August 2018). "The $11 Billion Reason Italy May Not Nationalize Autostrade". Bloomberg. Retrieved 26 June 2019.
  18. ^ "Fitch downgrades Italy's Atlantia, Austostrade; Spain's Abertis also hit". S&P Global Market Intelligence. 31 October 2018. Retrieved 26 June 2019.

External links

ANAS

ANAS S.p.A. (formerly an acronym for Azienda Nazionale Autonoma delle Strade, English: National Autonomous Roads Corporation) is an Italian government-owned company deputed to the construction and maintenance of Italian motorways (owned in Italy by Atlantia company) and state highways under the control of Italian Ministry of Infrastructure and Transport.

Atlantia

Atlantia may refer to:

Kingdom of Atlantia, a regional designation used within the Society for Creative Anachronism

Atlantia (company), an Italy-based toll road operator

Gaia III: Atlantia, an album by Mago de Oz band

Atlantia (book), a 2014 young adult fantasy novel by Ally Condie

Atlanteia or Atlantia, in Greek mythology was a Hamadryad nymph who consorted with Danaus

Economy of Italy

The economy of Italy is the 3rd-largest national economy in the eurozone, the 8th-largest by nominal GDP in the world, and the 12th-largest by GDP (PPP). Italy has a major advanced economy, and is a founding member of the European Union, the Eurozone, the OECD, the G7 and the G20. Italy is the eighth largest exporter in the world with $514 billion exported in 2016. Its closest trade ties are with the other countries of the European Union, with whom it conducts about 59% of its total trade. The largest trading partners, in order of market share, are Germany (12.6%), France (11.1%), the United States (6.8%), Switzerland (5.7%), the United Kingdom (4.7%), and Spain (4.4%).In the post-war period, Italy was transformed from an agricultural based economy which had been severely affected by the consequences of the World Wars, into one of the world's most advanced nations, and a leading country in world trade and exports. According to the Human Development Index, the country enjoys a very high standard of living, and has the world's 8th highest quality of life according to The Economist. Italy owns the world's third-largest gold reserve, and is the third net contributor to the budget of the European Union. Furthermore, the advanced country private wealth is one of the largest in the world.Italy is a large manufacturer (overall the second in EU behind Germany) and exporter of a significant variety of products including machinery, vehicles, pharmaceuticals, furniture, food, clothing, and robots. Italy has therefore a significant trade surplus. The country is also well known for its influential and innovative business economic sector, an industrious and competitive agricultural sector (Italy is the world's largest wine producer), and for its creative and high-quality automobile, naval, industrial, appliance and fashion design. Italy is the largest hub for luxury goods in Europe and the third luxury hub globally.Despite these important achievements, the country's economy today suffers from structural and non-structural problems. Annual growth rates have often been below the EU average with Italy being hit particularly hard by the late-2000s recession. Massive government spending from the 1980s onwards has produced a severe rise in public debt. In addition, Italian living standards have a considerable North–South divide: the average GDP per capita in Northern and Central Italy significantly exceeds the EU average, while some regions and provinces in Southern Italy are dramatically below. In recent years, Italy's GDP per capita growth slowly caught-up with the Eurozone average while its employment rate still lags behind; however, economists dispute the official figures because of the large number of informal jobs (estimated between 10% and 20% of the labour force) that lift the inactivity or unemployment rates.

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