The Italian group Atlantia lost more than 9% on Monday at the opening of the Milan Stock Exchange. The motorway manager has fifteen days to demonstrate the proper maintenance of the Genoa viaduct, which collapsed last Tuesday.
The Milan group Atlantia is still in turmoil the collapse of the Genoa viaduct who killed 43 people last Tuesday. The highway giant, responsible for the viaduct via its subsidiary Autostrade del Italia, has decreased by more than 9% at the opening of the Milan Stock Exchange this Monday. At 12:20 the title was diving 9.18%, to € 17.56. In total, the highway giant is lost a quarter of the stock market value in less than a week.
In Italy, the ubiquity of the manager is a problem the day after the tragedy of Genoa. With a turnover of almost 6 billion euros in 2017, Atlantia manages more than half of the country's motorway networkincluding the notorious A10 motorway. It is also the majority shareholder of the Italian association of the Mont Blanc tunneland the owner of two airports Romans from Fiumicino and Ciampino. In recent years the group has also invested heavily abroad: it is the largest shareholder of the manager of theEurotunnel and was last March co-owner of the Spanish dealer Abertis. In 2017, Atlantia achieved a net profit of 1.17 billion euros.
In other words, this dominant position the anger of the new Italian government. Two days after the disaster, Vice-President of the Luigi Di Maio Council of Ministers accused the Benetton family, the majority shareholder of Atlantia, of having financed the campaigns of previous governments to obtain its concessions. President Giuseppe Conte quickly announced his willingness remove these concessions. But Atlantia, who believes "has always properly respected its obligations of concessionaire", replied at the end of the week that he would not accept such a withdrawal without one "compensation equal to the residual value of the concession ". According to various Italian media, this could cost billion euro compensation to the state.
A legal battle is therefore inevitable. On Saturday, the Italian Minister of Infrastructure and Transport gave the manager of the motorway fifteen days to deliver a detailed report of the maintenance of the viaduct. It has already committed itself to rebuilding the collapsed section within eight months and at least casting it 500 million euros help families who have been affected by the disaster.