Italy blocks merger with Spanish giant citing national interest

0 Comments | AFP, August, 2006

ROME (AFP) — Italy's centre-left government has blocked a proposed 25 billion-euro (32 billion-dollar) merger between Autostrade and the Spanish company Abertis which would have created the world's largest toll road operator, citing the public interest.

Italian Infrastructure Minister Antonio Di Pietro and Economy Minister Tommaso Padoa-Schioppa said the merger, agreed in April, was "not compatible" with the government's concession agreement with Autostrade.

"The merger would not be compatible or coherent with the aims (of the government) in granting the (motorways) concession," the ministers wrote in a joint letter to Italy's state roads authority ANAS made public late Friday.

However, the Spanish company said it intended to continue with the merger despite...