July 10, 2020 / 7:18 PM / a month ago

Atlantia gives CEO mandate to make concessions on motorway licence - source

FILE PHOTO: A logo of the Atlantia Group is seen outside their headquarters in Rome, Italy August 31, 2018. REUTERS/Alessandro Bianchi

MILAN (Reuters) - The board of infrastructure group Atlantia (ATL.MI) has given a mandate to its CEO and Chairman to draft a letter, together with tollroad unit Autostrade, with an improved proposal to settle a dispute over its motorway concession with the government, a source close to the matter said.

In the proposal Atlantia, which owns 88% of Autostrade, will say it is open to cutting its stake in the unit below 50% to make room for a state-backed investor, the source added.

Atlantia declined to comment.

Reporting by Francesca Landini, writing by Stephen Jewkes

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