MILAN (AP) — 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.
