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Atlantia shares fall as Italy said set to revoke unit's concessions

Shares in Atlantia SpA fell 3% on Jan. 2 after Italy's foreign affairs minister signaled that concessions granted to the infrastructure group's Autostrade per l'Italia SpA unit may soon be revoked.

A new law approved this week limits the compensation that the Italian government will have to pay if it revokes a concession agreement with motorway operators early due to their failure to meet contractual obligations, according to Reuters.

Luigi di Maio, the country's foreign affairs minister and leader of the Five-Star Movement, which rules in coalition with the Democratic Party, said the law could pave the way for the government to revoke Autostrade's license to operate highways across the country, Bloomberg News reported.

The potential concession revocation for Autostrade has been under consideration since a bridge it operated in Genoa collapsed during heavy rain in August 2018, killing 43 people.