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Italy. Sardinian airports: thirty days for privatisation

The Cagliari Chamber of Commerce has until April 30th to formalize the sale

The Italian Chamber of Commerce of Cagliari has until next April 30 to formalize the sale to the private company F2i Ligantia of its majority share (94.4%) that it holds in the capital of the Cagliari airport management company (Sogaer), which check the "Mario Mameli" airport in Elmas. A privatization procedure contested by the former Sardinian regional council and about which many have expressed reservations.

"The deadline for the fulfillment of the conditions precedent, initially set at 31 December 2023, has been extended until 30 April 2024 pursuant to an agreement amending the investment agreement signed on 29 December 2023", on read in a resolution of Competition and market authority (Agcm). 

It is a business where public interests overlap with private ones. To date, the Court of Auditors has expressed a contrary opinion. This would be enough to jeopardize the agreement between F2i and the Cagliari Chamber of Commerce, without waiting until April 30, the period useful for verifying the "suspensive clauses" of the agreement. However, among the latter there is the green light from the magistrates, who in recent months have heavily denied it. 

In fact, the F2i fund plan envisages that the Cagliari Chamber of Commerce, through a capital increase, will enter Ligantia with a 40.5% stake. Upon completion of the operation, F2i Ligantia will therefore control all three airport management companies on the island. The Court of Auditors, however, clarified that the Cagliari Chamber of Commerce cannot sell one of its companies (Sogaer) and then also take care, albeit in a minority, of the airports of Alghero and Olbia.

In short, according to the accounting magistrates there is an obligation to remain within the boundaries of the territory of competence. The F2i fund, however, is going straight ahead, convinced that it can ignore the ruling. However, even the Regional Administrative Court (Tar) had already considered the position of the Court of Auditors sufficient to block the privatisation. If the regional attorney's office confirms its "niet", it will not be easy for F2i and the Cagliari Chamber of Commerce to continue the operation. 

On the same topic, see also the article published by AVIONEWS.

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AVIONEWS - World Aeronautical Press Agency