August 28, 2018 / 2:55 PM / 3 months ago

Italy's Autostrade says was planning cut in investment returns to 2022

MILAN (Reuters) - Autostrade per l’Italia said on Tuesday the remuneration proposal it had made for 2018-2022 envisaged a drop in returns on investments on the motorway network it manages in Italy.

The gross return according to the proposal would fall to 7.30 percent in the five years to 2022 from 10.21 percent in the period 2013-2017, while the net return would drop to 5 percent from 6.85 percent.

Autostrade, controlled by infrastructure group Atlantia, is under fire after a bridge it manages collapsed, killing 43 people. The government has started a formal procedure to revoke Autostrade’s Italian concessions.

On Tuesday Deputy Prime Minister Luigi Di Maio said the group has benefited from “excessive” guaranteed returns for years.

Reporting by Francesca Landini

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