ACS is late to the ASPI party

ACS is late to the ASPI party
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The Italian Government will hardly accept that the Benettons continue in the company through Abertis

The ordeal of the Benettons on Italian roads has taken a last minute turn. ACS said Tuesday that it could submit a bid for the troubled highway operator Autostrade per l’Italia (ASPI), controlled by the dynasty through Atlantia. He’s a little late for the party. The sovereign fund Cassa Depositi e Prestiti, with Blackstone and Macquarie, has already made a cash offer for 88% of Atlantia in ASPI that values ​​the group’s equity at 9.1 billion.

ACS would have to raise the price. But the current bidders would already have a mediocre IRR of 9%, according to our calculations. In addition, ACS and Atlantia jointly control Abertis. If the offer was made through that group, the Benettons would hold a stake. That would challenge the Italian government’s attempts to seize the asset from the clan and regain control. ACS’s late entry into the ASPI epic seems too complex to work.