The respective boards of Atlantia, the Italian motorway company and Gemina, the owner of ADR is expected to approve the terms of their proposed merger by Friday. This was confirmed by sources on condition of anonymity with Reuters.
ADR is the current operator of the Rome airport and should the deal be inked formally, it would result in the creation of one of the largest European infrastructure consortiums in the world. The all paper deal would be a swap of one Atlantia share for nine Gemina shares.
The news helped Atlantia shares rise in value with 3.2% to Eur12.74 while Geminia rose by 1.5% to Eur1.385 per share.
Barclays and UniCredit are advising Gemina along with independent advisers Banca Leonardo and Credit Suisse. For its part, Atlantia has its group of advisers with noted names such as Goldman Sachs, Banca IMI, Mediobanca and Royal Bank of Scotland.
When asked for formal comment, Atlantia declined.
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