By Pietro Lombardi

Atlantia SpA said Friday that the binding offer presented by a consortium made of CDP Equity SpA, The Blackstone Group International Partners LLP and Macquarie Infrastructure and Real Assets Ltd. is below expectations and that "substantial" improvements are needed.

The Italian group said that the offer for its 88% stake in Autostrade per l'Italia SpA isn't "consistent with the interests of Atlantia or its stakeholders as a whole."

Atlantia said that its chairman and chief executive will assess "the potential for the necessary substantial improvements to the Consortium offer." As such, the board will hold another meeting to take a decision.

Write to Pietro Lombardi at pietro.lombardi@wsj.com; @pietrolombard10

(END) Dow Jones Newswires

February 26, 2021 13:04 ET (18:04 GMT)

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