Glass Lewis recommends Atlantia investors back CDP-led bid for motorway unit

Italy's Atlantia ups guidance as motorway traffic drives profit higher
Italy's Atlantia ups guidance as motorway traffic drives profit higher Copyright Thomson Reuters 2021
By Reuters
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MILAN (Reuters) - Proxy adviser Glass Lewis has recommended investors in Atlantia back an offer by a consortium led by Italian state-lender CDP to buy the infrastructure group's motorway unit.

"We are ultimately inclined to conclude the consortium agreement represents a suitable and certain path to resolving a long-standing and prospectively consequential impasse," Glass Lewis said in a note seen by Reuters.

Atlantia has called a shareholders vote on May 31 over the proposed sale of its 88% stake in its Autostrade per l'Italia unit to the consortium which also includes funds Blackstone and Macquarie.

(Reporting by Stephen Jewkes; editing by Agnieszka Flak)

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