The bidding process is opening for a major Italian highway business

The tender process has opened for a major highway business in Italy. The sale is for an 80.5% stake in highway operator 6728 Autostrade Milano Serravalle-Milano Tangenziali (Milano Serravalle). The deal is expected to be worth more than €1 billion in all. The packages for sale are the 52.9% held by the province of Milan through holding Asam; the 18.6% held by the municipality of Milan, and the 9% held by the municipalities of Lecco, Como and Pavia and the provinces of Como and Pavia. The basic cost of the tender will be around €645 million. There will also be €350-400 million required to support the Milano Tangenziali and Pedemontana highway projects. But the Milano Serravalle business has €300 million of debts. The chambers of commerce for Como, Pavia and Milan have all said they are not taking part in the deal and will retain control of a total of 5.6% of Milano Serravalle.