Italy to Limit Review of Atlantia's Genoa Bridge Concession

(Bloomberg) -- The Italian government could start the process of withdrawing Autostrade per l’Italia’s highway license as soon as Thursday, though the review will be limited to the area where the fatal Genoa bridge collapse took place this week, a Transport Ministry official said.

The procedure could be suspended if the Atlantia SpA unit makes good on its commitment to rebuild the bridge and related facilities within five months, said the official, who asked not to be named in line with internal policy. In that case, Autostrade may even keep the license, the official said.

Atlantia shares pared losses after Bloomberg reported the official’s comments. The stock fell as much as 27 percent and was down 16 percent at 19.70 euros as of 12:31 p.m.

In a statement late on Wednesday, Autostrade said “it is working hard to define the project for the reconstruction of the viaduct" in Genoa after a collapse that killed at least 39 people. It added that it will be able to complete the work in the five-month time frame after after the affected areas become accessible for the related works.

The official’s comments contrast with those of Italian Deputy Premier Luigi Di Maio, who indicated in a radio interview earlier on Thursday that Autostrade faces losing its concession without compensation.

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