Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Germany
  4. Xetra
  5. Allianz SE
  6. News
  7. Summary
    ALV   DE0008404005

ALLIANZ SE

(ALV)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Two years on, Benetton-led Atlantia reaches deal on concession row

07/15/2020 | 10:04am EDT
FILE PHOTO: The collapsed Morandi Bridge is seen in the Italian port city of Genoa

Benetton-led Atlantia on Wednesday agreed to give up its stake in its motorway unit to avoid the threatened cancellation of its lucrative operating concession.

The deal, to be finalised in coming weeks, ends a dispute over the infrastructure group's motorway concession triggered by the deadly collapse of a motorway bridge in Genoa in 2018.

The Benetton family - best known for its retail clothing chain - owns 30% of Atlantia, which controls motorway unit Autostrade per l'Italia and airport operator ADR.

German insurer Allianz, France's EDF and China's Silk Road Fund bought a 12% stake in Autostrade in 2017.

Autostrade, which last year generated around 13% of Atlantia's core earnings, manages around half of Italy's motorway network under a concession contract due to end in 2038.

Here is a timeline of events over the last two years.

Aug. 14, 2018

A motorway bridge operated by Autostrade gives way sending cars and trucks hurtling 50 metres to the ground and killing 43 people in the port city of Genoa, in northern Italy.

The then transport Minister Danilo Toninelli tells Italian state television the disaster shows the dilapidated state of Italy's infrastructure and a lack of maintenance, adding that "those responsible will have to pay".

Aug. 17, 2018

The Italian government takes initial steps aimed at revoking Autostrade's motorway concession before its 2038 expiry date. Prime Minister Giuseppe Conte issues a statement blaming Autostrade for the poor upkeep of the network.

Sept. 28, 2018

The government approves the "Genoa decree" to appoint a special commissioner to reorganise the city's road system. The decree also states that Autostrade will be excluded from the works to rebuild the bridge, but will have to foot the bill.

January 2019

A consortium comprising builder Salini Impregilo, now called Webuild, shipbuilder Fincantieri and inspection and engineering services group RINA start the works to build a new bridge to help connect Genoa with southern France under the project involving Genoa-born architect Renzo Piano.

February, 2019

Italian prosecutors launch an investigation into the safety reports compiled by SPEA, a unit of Atlantia, over five motorway bridges operated by Autostrade. SPEA, which was also in charge of safety monitoring on the Genoa bridge, denies allegations that it altered inspection reports for the viaducts.

Aug. 14, 2019

Grieving relatives ask Atlantia Chief Executive Giovanni Castellucci and chairman Fabio Cerchiai to leave an anniversary ceremony honouring the victims of the Genoa bridge disaster, adding it had been insensitive to invite them.

Sept. 17, 2019

Atlantia CEO Castellucci steps down after 13 years, bowing to pressure from the Benetton family, which says it has been shocked by allegations of falsified security reports regarding some of the viaducts run by Autostrade.

Dec. 24, 2019

The government approves new legislation aimed to make it easier and cheaper to revoke concessions to operate motorways. The measure cuts the amount the government must pay to a toll road company if a concession is revoked due to shortcomings on the part of the operator.

April 28, 2020

Workers lay the final section of the new bridge in Genoa pledging to open it to road traffic by the end of July.

July 8, 2020

A top Italian court rules against Autostrade, saying a law the government introduced in 2018 to exclude it from work to rebuild the Genoa bridge was not unlawful.

July 15, 2020

The government says Atlantia has agreed to gradually exit from its motorway unit Autostrade, to make room for state lender Cassa Depositi e Prestiti (CDP) and allied investors, bringing the motorway network back under state control.

(Reporting by Francesca Landini; Editing by Keith Weir and Emelia Sithole-Matarise)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ALLIANZ SE 0.45% 192.34 Delayed Quote.-4.17%
ATLANTIA SPA -0.43% 16.4 Delayed Quote.11.45%
ELECTRICITÉ DE FRANCE -0.51% 10.795 Real-time Quote.-16.29%
FINCANTIERI S.P.A. 0.42% 0.7255 Delayed Quote.32.27%
UNIPOLSAI ASSICURAZIONI S.P.A. -0.33% 2.428 Delayed Quote.11.89%
WEBUILD S.P.A. -0.72% 2.214 Delayed Quote.87.31%
All news about ALLIANZ SE
09/24Allianz Reportedly Planning to Offload Large US Life Portfolio
CI
09/24ALLIANZ : planning to offload large U.S. life portfolio -Bloomberg
RE
09/24ALLIANZ REPORTEDLY LOOKING TO OFFLOA : Bloomberg
MT
09/24ALLIANZ : Govt Coming With Fresh Charges Against Igboho - Malami
AQ
09/23ALLIANZ SE : Release according to -4-
DJ
09/23ALLIANZ SE : Release according to -3-
DJ
09/23ALLIANZ SE : Release according to -2-
DJ
09/23ALLIANZ SE : Release according to Article 40, Section 1 of the WpHG [the German Securities..
EQ
09/23ALLIANZ SE : Release according to Article 40, Section 1 of the WpHG [the German Securities..
DJ
09/23ALLIANZ : Insurance Launches 'Allianz Cares' for Consumers
AQ
More news
Analyst Recommendations on ALLIANZ SE
More recommendations
Financials
Sales 2021 142 B 167 B 167 B
Net income 2021 8 394 M 9 836 M 9 836 M
Net Debt 2021 22 832 M 26 754 M 26 754 M
P/E ratio 2021 9,43x
Yield 2021 5,41%
Capitalization 78 883 M 92 369 M 92 435 M
EV / Sales 2021 0,71x
EV / Sales 2022 0,69x
Nbr of Employees 150 269
Free-Float 99,9%
Chart ALLIANZ SE
Duration : Period :
Allianz SE Technical Analysis Chart | ALV | DE0008404005 | MarketScreener
Technical analysis trends ALLIANZ SE
Short TermMid-TermLong Term
TrendsBearishBearishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 21
Last Close Price 192,34 €
Average target price 231,95 €
Spread / Average Target 20,6%
EPS Revisions
Managers and Directors
Oliver Bńte Chief Executive Officer
Giulio Terzariol CFO, Head-Finance, Controlling & Risk
Michael Diekmann Chairman-Supervisory Board
Barbara Karuth-Zelle Chief Operating Officer
Renate Wagner Head-Human Resources, Legal & Compliance
Sector and Competitors
1st jan.Capi. (M$)
ALLIANZ SE-4.17%92 369
MARSH & MCLENNAN COMPANIES, INC.35.50%80 787
CHUBB LIMITED14.83%76 280
ZURICH INSURANCE GROUP LTD3.11%61 797
BAJAJ FINSERV LIMITED108.01%39 943
THE HARTFORD FINANCIAL SERVICES GROUP, INC.41.69%24 095