MILAN — The latest developments following the deadly collapse of a highway bridge in Italy (all times local):
The holding company for Autostrade per l’Italia was facing a volatile trading day after the government announced it would take steps to revoke the concession following the deadly bridge collapse in Genoa.
Shares in Atlantia were so volatile in opening Milan trading Thursday that they were not able to get a fixed price. The news agency ANSA said the theoretical drop was 21.4 percent, from Tuesday’s close of 23.54 euros ($26.66). Under stock market rules, trading is suspended if the shares gain or drop more than 10 percent in value.
Atlantia, which is owned by the Benetton fashion company, said in a statement before opening that revoking the concession required certain findings, including specific fault by the company and a determination of the cause of the collapse.
The Atlantia holding company that controls Italy’s main highway operator says the concession cannot be revoked without citing specific failures by the company in the deadly bridge collapse in Genoa.
Atlantia said before markets opened Thursday that government pledges to revoke Autostrade per l’Italia’s concession were made before the cause of the collapse has been determined. Company shares shed 5.4 percent in the last trading day Tuesday, burning 1 billion euros ($1.14 billion) in capital.
Atlantia said the government would have to pay the value of the concession to revoke it under the terms of the deal.
Premier Giuseppe Conte and key ministers said they are launching the process to revoke the concession, citing inadequate maintenance. Prosecutors are investigating both the maintenance and design of the bridge as a cause.