Autostrada Brescia Verona Vicenza Padova was the operator of Brescia–Padua section of Autostrada A4 and Autostrada A31. On 6 December 2011, the company was renamed to A4 Holding S.p.A., with a new subsidiary owned the concession to operate the toll road, effectively spin off the function of holding company from the operator. The concession of Autostrada A31 was originally expired on 30 June 2013, which was agreed in 1999, after that the company started to construct the extension from Vicenza to Rovigo in the south in 2005. The concession was challenged by the European Commission in 2004. The European Court of Justice ruled that Italy failed to fulfill the obligations under European Council Directive 93/37/EEC. On 3 October 2006 Italian Decree-Law 262/2006 was announced, which amended the power of ANAS in order to comply with EU rule. On 12 October European Commission sent a formal notice to Italy regarding the issue. In July 2007 the concession was extended to 31 December 2026, applying Decree-Law 262/2006. The concession was confirmed by Decree-Law 59/2008 and Law 101/2008, despite the status of the infringement procedure. On 8 October 2009 European Council closed the case.
Shareholders
The company was a subsidiary of a consortium led by Intesa Sanpaolo. The bank had a controlling voting rights in Re.Consult Infrastrutture, the direct parent company of A4 Holding, Compagnia Italiana Finanziaria ; R.C.I. owned 44.8530% stake in A4 Holding as at 31 December 2014, Intesa had an additional 6.5433% stake in A4 Holding, held directly by banking subsidiary Equiter. Astaldi was the minority shareholders of R.C.I., which the construction company merged its subsidiary A.I.2 S.r.l. into R.C.I. on 1 January 2014. Infrastrutture CIS was a minority owner of CIF and Iniziative Logistiche, which in turn Primo Fondo Italiano per le Infrastrutture and Cassa del Trentino were the minority owners of InfraCIS. The last two shareholders of CIF were 2G Investimenti and Esperia Servizi Fiduciari. Intesa Sanpaolo acquired the shares of R.C.I., CIF and Iniziative Logistiche in year 2010 due to the collapse of the business empire of Mario Rino Gambari, which the shares were collaterals to the bank. The shares of CIF and Iniziative Logistiche held by 2G Investimenti were also pledged to Intesa Sanpaolo in year 2011. Lastly, Infragruppo, a company that A4 Holding had a significant stake, the bank also had a 21.71% stake as at 31 December 2009, as well as had a significant loan to the company. In 2011 Infragruppo was merged into Serenissima Partecipazioni, which A4 Holding increased it stake to 99.999%, the minority interests and the loan previously held by bank was repaid via the capital increase of A4 Holding, by the bank and other shareholders. In 2016 Abertis announced that the company would buy the stake held by Old Equiter and Re.Consult Infrastrutture for €594 million. The second largest shareholder of A4 Holding was Società delle Autostrade Serenissima, the ex-operator of Padua–Venice section of Autostrada A4 until 2009. A4 Holding had a cross ownership of 14.45% stake in Società delle Autostrade Serenissima as at 31 December 2014, which was sold completely as in 2016. Mantovani–FIP Group had a significant voting rights of 35.28% in Società delle Autostrade Serenissima, as well as a minority interests in A4 Holding via Impresa di Costruzioni Ing. E. Mantovani, an Italian construction company. Unione Fiduciaria was the third largest shareholders, which acquired the entire 4.6671% stake from Milano Serravalle – Milano Tangenziali on 25 July 2014. The bank would eventually transferred the entire stake to Società delle Autostrade Serenissima in 2019 in installments.
