Cleary, Bonelli lead on Autostrade/Abertis deal as EC pushes for cross-border bids
Legal Week reports
October 25, 2006 at 08:03 PM
2 minute read
A raft of international firms are set to benefit from a European Commission (EC) decision last week, clearing the way for a merger between motorway toll management companies Autostrade of Italy and Spain's Abertis.
Bonelli Erede Pappalardo corporate partner Andrea Novarese is advising Auto-strade on all legal issues arising from the deal, which had looked to have been shelved after the Italian authorities rejected the merger bid in August.
However, on 18 October, the EC ruled that the merger fell under its jurisdiction, questioning the attempt to block the deal at national level.
The bid will be closely watched at a time when Brussels is fighting to stop European Union nations from blocking cross-border mergers.
In addition to Bonelli, the bid has attracted a raft of advisers for Autostrade, including Madrid leader Uria Menendez, which is advising the Italian company on Spanish law.
Rome-based partner Mario Siragusa of Cleary Gottlieb Steen & Hamilton is advising Autostrade on corporate and competition issues.
Latham & Watkins London-based finance partner Michael Immordino is advising Auto-strade on its outstanding bond programme alongside finance partner Dominic Newcombe, while Freshfields Bruckhaus Deringer Milan corporate partner Nicola Asti is advising UBS as financial adviser to Autostrade. Abertis, meanwhile, is being advised by Spanish law firm Roca Junyent.
Clifford Chance, led by Milan corporate partner Paolo Sersale, is providing advice on Italian law issues arising from the merger, while Rome-based partner Cristoforo Osti is advising on antitrust issues.
The Italian Government has until 1 November to respond to the EC, but following comments from Italian Prime Minister Romano Prodi on 16 October that the merger had a "green light" from a political point of view, advisers believe that the deal is now likely to go ahead.
One partner at the centre of the deal told Legal Week: "People involved in the project are a lot more optimistic than a week ago, but there are still issues to be addressed."
Reported on legalweek.com (20 October).
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