MILAN Italy's holding company Gemina unveiled on Friday an updated business plan for its Rome airport operator ADR, which includes investing more than 3.1 billion euros over the next 10 years to reverse declining traffic trends.
Gemina, which is in merger talks with motorway operator Atlantia (ATL.MI), said in a statement it will increase investments by a third to 1.2 billion euros in 2013-2016.
The new plan paves the way for Gemina to define details of a merger with Atlantia, including share swap ratios.
Gemina said it would spend a total of more than 12 billion euros over the 2013-2044 period, as it aims to turn the Rome airport system into a hub for the Mediterranean region.
Gemina said it aimed to attract 100 million passengers by 2044, with an average annual growth rate of 2.7 percent. Traffic at the Rome airports fell 10 percent in January from a year before, it said.
Gemina also named as board member Carlo Cimbri, chief executive of insurer Unipol (UNPI.MI), which is merging with Fondiaria-SAI FOSA.MI.
Gemina said it will present the new plan to analysts and investors on February 6.
Atlantia and Gemina are both controlled by the Benetton family's holding Sintonia.
(Reporting by Antonella Ciancio; Editing by M.D. Golan)