The catastrophic collapse of the Morandi Bridge in Genoa resulted in a grievous loss of life and tremendous material damage, in addition to producing an incalculable logistical mess for the region as the highway was a key transport route. Atlantia is the holding company behind the Autostrade per I’Italia, and thus the operator of the Morandi Bridge, and now it too has been sucked into the disaster.
This morning the Italian government announced that it was starting the process of revoking the company’s concession to operate on the Italian Autostrade network. The largest shareholder behind Atlantia is the Benetton family and it has already confronted the government, arguing that the decision is premature given the uncertainty over the causes behind the collapse.
Atlantia’s share price opened around 24% lower following early indications of a near-47% decline on the open in pre-market trading.