Glass Lewis recommends Atlantia investors back CDP-led bid for motorway unit

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

MILAN (Reuters) – Proxy adviser Glass Lewis has recommended investors in Atlantia back an offer by a consortium led by Italian state-lender CDP to buy the infrastructure group’s motorway unit.

“We are ultimately inclined to conclude the consortium agreement represents a suitable and certain path to resolving a long-standing and prospectively consequential impasse,” Glass Lewis said in a note seen by Reuters.

Atlantia has called a shareholders vote on May 31 over the proposed sale of its 88% stake in its Autostrade per l’Italia unit to the consortium which also includes funds Blackstone and Macquarie.

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