Benetton, Blackstone’s takeover of Atlantia to start on Oct. 10

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FILE PHOTO: An Atlantia sign outside the Italian infrastructure group's Rome headquarters

MILAN (Reuters) – The Italian market watchdog has cleared the multi-billion buyout bid prepared by the Benettons and U.S. investment fund Blackstone on Italy’s Atlantia, the two partners said, adding the takeover will start on Oct. 10.

The takeover will end on Nov. 11, the investment vehicle of the two investors said on Monday.

The Benetton family and the U.S. fund, who have joined forces through investment vehicle Schema Alfa, aim to take the Italian airport and motorway operator private by the end of this year. They are offering Atlantia’s investors 23 euros per share and a proposed dividend of 0.74 euros a share.

(Reporting by Francesca Landini; Editing by Chris Reese)

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