© Reuters. FILE PHOTO: A logo of the Atlantia Group is seen outside its headquarters in Rome, Italy August 31, 2018. REUTERS/Alessandro Bianchi
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MILAN (Reuters) – Atlantia’s long-term investors, Singapore sovereign fund GIC and Italian banking foundation CRT, have tendered their shares in the takeover offer launched by the Benettons and U.S. investment fund Blackstone (NYSE:), two sources close to the matter said on Monday.
CRT and GIC own 4.5% and 8.3%, respectively, in the infrastructure group. Benettons’ holding company Edizione controls Atlantia with a 33% stake.
As of Friday, Italian bourse data showed the take-up had increased to 19.8% of the shares targeted by the offer, or around 13.2% of the group’s capital.
Earlier this year Fondazione CRT said it would tender its stake and then reinvest the proceedings from the sale of shares representing a 3% in the vehicle set up by the Benettons and the U.S. fund to launch the buyout offer.
Atlantia’s second biggest shareholder GIC made no public statement about its intentions.
Atlantia’s takeover bid will end on Nov. 11.
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