Benettons Set to Discuss Atlantia, Future of Senior Executives

(Bloomberg) -- The Benetton family will gather on Monday to discuss how to protect its assets amid the ongoing investigation into the fatal collapse of the Morandi bridge in Genoa and the resulting wider probe, according to people familiar with the matter.

The future of Atlantia SpA’s top executives is expected to be one of the topics discussed by directors at the family’s holding company, the people said, asking not to be named because the matter is private. A spokesman for Edizione Srl, which controls highway and airport manager Atlantia, said Monday board’s meeting had already been scheduled and that it’s an ordinary one. He declined to comment on the agenda.

The Italian billionaire family has said it doesn’t plan to quit the highway-management business following the 2018 collapse of the bridge, which killed 43 people. Edizione denied newspaper reports that Atlantia is considering selling or spinning off its Autostrade per l’Italia SpA unit.

The bridge collapse led to a broader probe into Atlantia’s entire highway network. The country’s financial police on Friday took measures against nine “managers and technicians” on suspicion of making false statements about maintenance work on other roads managed by the Atlantia units. Three of the people were placed under house arrest.

The Benetton family issued a statement following the latest findings, expressing “dismay and upset” and calling for action “to protect the credibility and reputation of its controlled companies and its shareholders.”

Atlantia is lead by Chief Executive Officer Giovanni Castellucci, 60, and Chairman Fabio Cerchiai. Castellucci, who has been CEO since 2006, transformed the Italian company into the world biggest operator of toll roads with the acquisition of its Spanish rival Abertis SA last year. Castellucci, himself under investigation in the Genoa case, was reconfirmed as CEO in April.

©2019 Bloomberg L.P.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.