Autostrade and Abertis decide to block the merger even if the operation is not goodbye forever à ¨.  In fact the two companies' desired - it said in a statement - that in future we can create the conditions for reconsidering the project, and to this end they intend to continue together in action and dialogue at istituzionaleÂ. Autostrade and Abertis (which holds 13.3% of Schema28, controlling shareholder of the highway concessionaire in turn controlled by the Benetton family), it is found to "the impossibility of procedereÂ. Obstacles to the merger have been identified mainly in the lack of a permit and to the coming into force of new legislation, both non-existent at the beginning of the proceedings for the merger.

In detail "the lack of a permit that the recent interim decision of the TAR of Lazio has deemed applicable to the merger. Authorization is not provided into the top of the casting process, which came into existence after an opinion from the State Council of 21 June 2006 and requested by Highways July 5 and still pending. This move has been denied authorization by notice of Anas, 5 August 2006. Subsequently, following 'permit issued by the European Commission on 22 September and the Commission's own letter sent on 18 October the Italian Government, Anas has recanted the denial on 27 October, with an invitation to Highways, who has the need Constest to build upon in force, however, new legislation on the incident fundamental regulatory, economic and financial relationship concessario into being and bearing, in fact, to Highways, the risk of anticipating the negative effects of new legislation and © uncertainty absolute timing of implementation of fusioneÂ. "

The second obstacle that led to stop the merger ¨ à  'the entry into force of new legislation, unavailable at the time of approval of the project, consisting in awe by concession holder for a profound change, willingness to unilateral external not knowable in advance in the actual scope and indefinite in the profiles of the new compensation agreement and subsequent termination of franchise in essereÂ. " During the shareholders' meeting convened to discuss the special dividend, the CEO of Autostrade Giovanni Castellucci said that "the main problem in Article 12 (the tax related to the ndr) but not the only à ¨ going to change the regulatory framework under which they were awarded the concession contracts of '97, but does not clearly define the new regulatory framework. Today is à ¨ able to assess the impact of new rules on the ratio of concambioÂ. "
Skip the special dividend. The general meeting of shareholders of Autostrade, called to decide on the distribution of an extraordinary dividend of 3.75 euros provided by the planned merger with Abertis, resolved by majority vote not to take any decision as proposed by the board. Shareholders ¬ cosà confirm the stop operation decided by the two groups: the dividend will not be distributed "as - reads the resolution - are incurred insurmountable, status, circumstances impeding the implementation 'operation fusioneÂ. Schema28's representative at the meeting pointed out, before the vote, that the controlling shareholder of the companies 'shared through and tutto "the directors' report, which were explained the reasons which led to renounce the time the merger, in perspective reaffirms the "still the current value 'operationA.

Peter: Â "The problem was not the fusioneÂ. Â" We hope we resuming dialogue recovering hand to concessions under the new legislation that takes nothing away to the potential of the company, but very pua ² to public expectations. " Infrastructure Minister Antonio Di Pietro, according to a spokesman ¬ a comment What a halt to the merger between Autostrade and the Spanish group Abertis. Â "The problem was not the merger - said the minister - was and remains a problem-Italian Italian yet to be resolved. There remains, however the need for a review of concessions to secure safety and efficienzaÂ. For the minister to "the problem is the question in a franchise formula unfairly favorable to the extent that concessionaires had created Malvezzi automatic annual increases of TariffsOur."

Ue, in January a decision on the infringement proceedings.  «¨ C'a proceedings in progress, to see if Most recent developments will affect our decision will be seen in la pià ¹ ». What ¬ spokesman Oliver Drewes European Commissioner for Internal Market Charlie McCreevy said the decision to shelve the proposed merger between Autostrade and Abertis.  «will build - he continued - our decision on documents to arrive from the Italian Government by 15 January and then you decide before alloraÂ. Commissioner McCreevy has launched against the of infringement proceedings for the measures contained in the related to the and in this case applied to the proposed merger between Autostrade and Abertis, saying that could be a restriction of free movement of capital and freedom of establishment. A similar attitude of Competition Commissioner Neelie Kroes. A halt to the merger with Abertis, in fact, does not imply  «I forced to," said spokesman Jonathan Todd, the end of the proceedings initiated in respect  "We're still analyzing - continued Todd - the situation and information received from the ». Todd stressed that "there à ¨ deadline for a Commission decision, but we intend to act on it as soon possibileÂ."

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