MILAN, sneakers shoes ladies Dec 28 (Reuters) – Italy’s Atlantia has agreed to give a consortium led by state lender Cassa Depositi e Prestiti (CDP) until the end of January to complete due diligence on its Italian motorway assets ahead of a possible final bid.
CDP, together with co-investors Macquarie and what are foot braces used for Blackstone, has been in talks since October with Atlantia to buy its 88% stake in toll-road unit Autostrade per l’Italia.
But no binding bid has yet emerged.
On Dec.
23, CDP sent Atlantia a new non-binding offer with an assurance it would proceed swiftly with due diligence but said it needed more time for analysis before a binding bid.
In a statement on Monday, Atlantia said the Dec. 23 offer had been below its board’s expectations and below a previous range given by CDP itself.
„It (the offer) is still subject to further potential adjustments following the completion of due diligence process,“ Atlantia said.
The CDP-led consortium valued Autostrade at 8.5-9.5 billion euros ($10.4-11.6 billion) in an earlier preliminary offer, but potential legal claims and nike hoodie swoosh fallout from a probe has since made it more cautious.
A source close to the matter said on Monday the CDP offer on Dec.
23 valued the whole of Autostrade at roughly 8 billion euros.
A deal between the two parties would put an end to a dispute sparked by the 2018 collapse of a motorway bridge operated by Autostrade that killed 43 people.
„The board confirmed to the CDP consortium its willingness to evaluate a potential binding offer for its entire stake held in Autostrade,“ Atlantia said.
Atlantia, which is controlled by the Benetton family, Http://instagram.Com/solitaryisle is in the meantime also pressing ahead with an alternative plan to spin off and sell or list its 88% stake.
CDP Equity, xn--c1aknev.xn--p1ai which is involved in the bid, declined to comment.
($1 = 0.8194 euros) (Reporting by Stephen Jewkes; Editing by Andrea Mandala and Andrew Cawthorne)