Podestà targets London investors to fund-raise for Milano Serravalle privatisation
Guido Podestà, president of the province of Milan, has presented today to institutional and industrial investors in London the privatisation process of Milano Serravalle – Milano Tangenziali, one of the biggest Italian motorways.
Speaking at the London Stock Exchange, Podestà presented operational and financial data of Asam, the holding company of Milano Serravalle which is currently controlled by the Province of Milan, inviting investors to take part in the auction sale for about 82% of the business, expected to be completed by December 2012.
The starting price for the sale of the unitary shareholding is €657m and it will be awarded to the best offer received by November 26.
Carmen Zizza, managing director at ASAM will be responsible for the process.
The presentation was attended by a number of representatives of European and UK banks and asset managers, who questioned Zizza on the impact of the crisis on traffic flows on the motorway, which would be reflected in potential revenues.
According to Zizza, despite a decrease in motorway traffic at national level, the northern region of Lombardia reported constant traffic flows since 2009, with a 10% peak in 2010.