MILAN (AFX) – A group of hedge funds, including Children’s Investment Fund, are ready to oppose Autostrade SpA’s current plans to merge with Abertis Infraestructuras SA to obtain better terms for minorities, the daily Il Sole 24 Ore said without giving a source.
According to the newspaper, the funds already control 10 pct of Autostrade and aim at rapidly gaining more support to boost the stake to 20 pct.
Because Autostrade is owed at 50.2 pct by Schemaventotto, a holding company controlled by the Benetton family pushing for the merger, the funds’ chances of blocking the merger are remote, but they could seek to obtain improved conditions, the daily said.
