Blackstone, Macquarie deny ASPI sale report, pledge commitment

MILAN (Reuters) – Blackstone (NYSE:) and Macquarie on Friday dismissed as “completely false” an Italian newspaper report about possible ownership changes at Autostrade per l’Italia (ASPI), pledging their commitment as investors in the motorway operator.

La Stampa daily reported that JP Morgan drew up a plan last month to merge ASPI and domestic rival ASTM, a move that would have the backing of ASTM’s controlling shareholder, Italy’s Gavio group.

ASPI changed hands last year in a 9.3 billion euro ($10 bln) deal that saw a state-backed consortium repurchase the toll-road group from the Benetton family.

The sale ended a legal dispute sparked by the 2018 collapse of an ASPI-run bridge that killed 43 people.

Following the 2022 deal, ASPI is controlled by state-lender CDP with funds Blackstone and Australia’s Macquarie.

Shareholders have been at odds in recent months because CDP would like ASPI to use a bigger chunk of its profits to fund investments, but this would affect expected returns for Blackstone and Macquarie, two sources close to the matter told Reuters.

Under JPMorgan’s plan ASTM would transfer its assets to ASPI whose shareholders would be CDP, Gavio group and Blackstone.

Macquarie would exit. Also investment firm Ardian, which currently owns 49.5% of ASTM, would exit.

In denying the report, Macquarie said it was committed to the “ongoing delivery of ASPI’s multi-billion euro investment programme”.

Also a spokesperson for Blackstone said in an emailed statement that the U.S. investment firm was “excited about supporting ASPI’s future growth.”

Gavio, Ardian, JP Morgan and CDP all declined to comment.

Italian Transport Minister Matteo Salvini said last month that an offer for ASPI would be “of great interest.”

His comments followed a report about a potential bid by Italian construction group Dogliani, which had prompted government sources to dismiss as “groundless” the idea that it could support such an offer.($1 = 0.9201 euros)