An Italian construction magnate is considering a takeover bid for Autostrade per l’Italia SpA that could value the highway operator at about €20 billion ($21 billion) including debt, people with knowledge of the matter said.
Closely held Fininc SpA, founded by 82-year-old Matterino Dogliani, is working with advisers on a potential bid for a controlling stake in Autostrade, the people said, asking not to be identified because the information is private.
The media-shy Dogliani is teaming up with an international investment firm on a possible friendly offer of about €8 billion for Autostrade, the people said. Including debt, the deal could be valued at around €20 billion, making it one of the biggest mergers and acquisitions in Italy in the last decade.
Spokespeople for Blackstone, Fininc and CDP declined to comment. A representative for Autostrade said the company isn’t currently aware of such a deal, while a spokesperson for Macquarie didn’t immediately respond to a request for comment.The government in Rome, which is aware of the plan, might support a deal as it would put Autostrade in the hands of an Italian businessman with a track record in the industry.
The Benettons ultimately sold the business under pressure to a state-backed consortium, following repeated attempts by then-Premier Giuseppe Conte’s cabinet to withdraw the company’s concession. The CDP consortium agreed to a five-year lockup period on their investment, which could be a hurdle to a deal.
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