MILAN, March 12 (Reuters) - Italian infrastructure group Atlantia ATL.MI said on Friday it did not plan to pay a special dividend in case the planned sale of its Autostrade per l'Italia unit is successful as debt reduction would take priority.
The group, controlled by the Benetton family, is in talks with a consortium led by Italian state-lender CDP to sell its 88% stake in Autostrade in an effort to end a political dispute triggered by the 2018 collapse of a bridge run by the unit.
"If Autostrade's disposal happens, the group will first focus on cutting debt," Atlantia CEO Carlo Bertazzo said in a post-result conference call with analysts.
Bertazzo also said he expected Atlantia to pocket dividends from units for around 500 million euros ($596 million) this year, but added it was still unclear whether the group could pay its shareholders a regular dividend on 2021 results.
"Next year (Atlantia's) board will decide what the group can do in terms of 2021 dividend, depending also on how the pandemic will impact the businesses for the rest of the year," he said.
The top priority for Atlantia is to sign a final settlement with the Italian government over the bridge disaster, Bertazzo said, after the previous ruling coalition had threatened to revoke Autostrade's motorway concession.
Bertazzo said negotiations with the CDP-led consortium would continue in coming "days and weeks" to try find a compromise on the valuation of Autostrade, the indemnities requested by the investors and other terms of their binding offer.
CDP, together with co-investors Macquarie MQG.AX and Blackstone (NYSE:BX) BX.N , presented a proposal valuing all of Autostrade at 9.1 billion euros. ($1 = 0.8386 euros)