November 25, 2019 / 8:52 AM / 14 days ago

Italy's SIAS, ASTM shares down after bridge collapses in landslide

ROME (Reuters) - Shares in Italy’s SIAS and ASTM were down as much as 2% on Monday after a motorway bridge collapsed on Sunday near the coastal city of Savona, following a massive landslide caused by recent heavy rain.

SIAS, controlled by ASTM, operates the A6 highway linking the coast of the northwestern region of Liguria to the city of Turin.

It said on Sunday that no casualties had been reported and that the motorway had been shut in both directions.

Shares in both companies were on track for the worst day in just over 2 months.

“Turin to Savona is the smallest section in ASTM management - 4% of total EBITDA- and, according to the information available to date, we believe that the traffic block between the toll stations involved and the reconstruction costs of the 20m viaduct are not significant for ASTM,” Roberto Letizia from Equita wrote on Monday.

Liguria is the same region where a motorway bridge collapsed last year in Genoa, killing 43 people.

Reporting by Giulia Segreti, editing by Giselda Vagnoni

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