December 12, 2016 / 1:18 PM / 7 months ago

Italy's railways to buy stake in Milan M5 metro line

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MILAN, Dec 12 (Reuters) - Italy's railways group has agreed to buy a 36.7 percent stake in M5, the operator of Milan's metro line 5, from general contractor Astaldi.

State controlled Ferrovie dello Stato (IPO-FERRO.MI) said on Monday it would pay 64.5 million euros ($68.3 million) for the shareholding in M5, adding Astaldi would retain a 2 percent stake.

The investment, the first foray of Ferrovie into subway infrastructure, is coherent with the group's strategy to link up different networks to improve public transport and mobility in large urban area and elsewhere, the group said.

$1 = 0.9439 euros Reporting by Francesca Landini

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