Newly privatised Italian airports company ADR is to be merged with Gemina Group-controlled Leonardo, which recently bought the Rome Fiumicino and Ciampino operator for L4,370 billion ($1.93 million). Leonardo secured a 51.2% stake in ADR from state holding company IRI, plus 42.4% via an offer to buy publicly held stock. Remaining shares are held largely by the local chamber of commerce and regional authorities.
The merger should deliver fiscal and financial benefits, but must be approved by Enac, the Italian civil aviation authority.
Leonardo, 53% owned by Gemina and its Impregilo subsidiary, is planning management changes at ADR, with president Paolo Savona taking on more operational responsibilities alongside new chief executive Paolo Pappalardo, and a second vice president alongside Franco Sensi. ADR reported a L141 billion operating profit for the first nine months on turnover of L823 billion, with passenger traffic up 8.1% and cargo up 7.5%. Nearly 1,500 staff have transferred to Alitalia, which now self-handles at Fiumicino.
SEA chief Giorgio Fossa has meanwhile confirmed that 30% of his company, which operates Milan Malpensa and Linate airports, will be floated in March or April. SEA may team with Leonardo to bid for smaller Italian airports.
Source: Flight International