Get 40% Off
🔥 This hedge fund gained 26.16% in the last month. Get their top stocks with our free stock ideas tool.See stock ideas

Atlantia to seek new CEO ahead of Benetton-Blackstone bid

Published 07/19/2022, 12:42 PM
Updated 07/19/2022, 01:17 PM
© Reuters. Atlantia Chief Executive Officer Carlo Bertazzo looks on during a presentation of an electrical air taxi by German company Volocopter at the Fiumicino airport, in Rome, Italy, October 27, 2021. REUTERS/Guglielmo Mangiapane
BX
-

MILAN (Reuters) -Italian holding company Atlantia said on Tuesday it would look for a new chief executive as its owners, the Benetton family, prepare to take the motorway and airport group private together with U.S. fund Blackstone (NYSE:BX).

Atlantia said its board on Aug. 4 would examine a possible financial agreement to part ways with CEO Carlo Bertazzo and would start working to replace him once the accord was finalised.

Bertazzo would continue to lead the group in the meantime, Atlantia said.

Atlantia hired Bertazzo three years ago to steer the group through an emergency phase as Italy's government threatened to revoke the group's motorway concession following the deadly collapse of a bridge it operated.

Drawing a line after the prolonged crisis, Atlantia in May reached an 8.2 billion euro ($8.40 billion) deal to dispose of its domestic motorway business.

The de-listing that is set to follow the 58-billion euro offer by the Benettons and Blackstone would start a new phase for Atlantia, which has started investing on smart traffic technology using some of the 8 billion euros it pocketed from its Italian motorway unit sale.

($1 = 0.9773 euros)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.