The city government of Milan has called for a halt in the planned sale of the Italian Government's stake in the Aeroporti di Roma (ADR) and instead move to integrate the company into a joint company with the Milan airport operator SEA.
The sale of the 54.2% stake held in ADR by the state-owned IRI holding company is to be debated soon by the Italian Parliamentary Transport Committee. Approval would give the government the green light to proceed with the sale.
Now, however, the Milan authorities have proposed a scheme to integrate the airport operations into a company known as Aeroporti d'Italia.
The new company would include the airports of Malpensa and Linate in Milan and Ciampino and Fiumicino in Rome. Other Italian regional airports could also be included later.
In a plan prepared by the Mediobanca merchant bank, the Milan authorities are proposing that initially about 30% of shares in the new concern would be held by the Milan local government, a further 30% by IRI and the remainder divided between private investors and the provincial government of Milan. This would be followed almost immediately by IRI selling up to 20% of its holding to private investors and the remainder to institutional investors. At a later date the Milan city holding would also be sold.
The scheme has not initially been met with enthusiasm by an Italian Government wary of creating a monopoly owned, at least at the outset, by the authorities. If the proposal, known as the Poseidon Plan, fails, SEA may bid for ADR in an alliance with Italian and international partners.
Source: Flight International