Speeding away

25 April 2006

Given Enel s failure to get into Spain or France and a backlash against crossborder deals it isn t hard to see why Prodi is upset. But the Benettons aren’t selling out yet. And even if Italian politicians dislike the deal, it isn t clear there is a lot they can do.

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Senior Italian politicians have expressed opposition to Autostrade's planned E22bn tieup with Spain's Abertis. Romano Prodi, leader of the centreleft coalition which won the recent Italian election, said that This can't be the first big deal that happens under my government, according to La Repubblica.

Francesco Rutelli, who heads one of the parties in the coalition, said that he had severe doubts about the transaction, and about the fact that a monopolist would strike such an important deal in the absence of a proper government.

Autostrade and Abertis are planning a merger of equals. The new company, to be headquartered in Spain, will have a 23strong board, with 11 directors from each side. The swing vote will be cast by the chief executive, who is designated by the two sides. The first appointment fell to Salvador Alemany Mas, CEO of Abertis.

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