Institutional portal - Municipality of Milan

Price set at 2,7 euros and 91 million for the package. Tasca's satisfaction: “Battle won. It was the promise I made as soon as I was appointed councilor"

Milan, July 31 2019 - The dispute over the value of the shares of Milano Serravalle-Milano Tangenziale Spa held by the Municipality, which in 2015 exercised the right of withdrawal, is closed. The official technical consultancy, ordered by the Court of Milan, set the price at 2,7 euros per share and for the entire package at 91 million euros. The same estimate that had been formulated by Palazzo Marino.

“We are very satisfied with the result of the appraisal. The offices worked hard to see the Municipality's patrimonial right recognized and we are happy." This was stated by the budget councilor, Roberto Tasca, who adds: "It was one of the promises I made three years ago when I came to take on this role, that is, to recover the due value of the Serravalle shares. I thank the new Lombardy Region and the Serravalle management for having held a fair discussion with the Municipality. And finally the Municipality thanks the FiveLex law firm which collaborated with a pro-bono commitment to achieve this result".

The matter had been dragging on for some time. Since, in 2015, the Municipality of Milan decided to proceed with the right of withdrawal of its shareholding in Milano Serravalle-Milano Tangenziale Spa. From that moment on, a dispute arose over the price of the shares between Palazzo Marino, according to which the average value could not fall below 2,7 euros and the then Serravalle board of directors who offered 2,25 euros per share.

After several unsuccessful attempts to reach an agreement between the parties, the Administration requested the intervention of the Court through an official technical consultancy to fix the price of the shares once and for all.