New CDP offer lowers Atlantia motorway unit valuation -source

FILE PHOTO: The logo of an infrastructure group Atlantia is seen outside their headquarters, in Rome, Italy October 5, 2020. REUTERS/Guglielmo Mangiapane/File Photo

MILAN (Reuters) - Italian state lender Cassa Depositi e Prestiti (CDP) has put forward a new, non-binding offer for Atlantia’s toll road unit that implies a lower valuation than an initial offer of 8.5-9.5 billion euros, a source close to the deal said on Wednesday.

The revised offer includes stronger guarantees, the source added, without elaborating.

CDP said earlier in a statement the consortium it leads, which includes Macquarie and Blackstone, will proceed swiftly with its due diligence of Atlantia’s motorway assets but needs further in-depth analysis to be able to present a binding offer.

Italian daily Il Messaggero reported on Wednesday that CDP’s new offer valued Atlantia’s 88% stake in Autostrade per l’Italia (ASPI) at about 400 million euros less than the first bid.

Infrastructure group Atlantia has said CDP has until July to present an offer, but a government source last week expressed confidence that the two parties will be able to reach a deal by mid-January.

A deal would put an end to a dispute sparked by the 2018 collapse of a motorway bridge operated by Autostrade in which 43 people died.

Reporting by Stefano Bernabei; writing by Maria Pia Quaglia; editing by Jason Neely