State of Emergency After Italian Bridge Collapse, Volatile Trading Over Highway Company

The holding company for Autostrade per l’Italia was facing a volatile trading day after the government announced it would take steps to revoke the concession following the deadly bridge collapse in Genoa.

Shares in Atlantia were so volatile in opening Milan trading Thursday that they were not able to get a fixed price. The news agency ANSA said the theoretical drop was 21.4 percent, from Tuesday’s close of 23.54 euros ($26.66). Under stock market rules, trading is suspended if the shares gain or drop more than 10 percent in value.

Atlantia, which is owned by the Benetton fashion company, said in a statement before opening that revoking the concession required certain findings, including specific fault by the company and a determination of the cause of the collapse.

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9:20 a.m.

The Atlantia holding company that controls Italy’s main highway operator says the concession cannot be revoked without citing specific failures by the company in the deadly bridge collapse in Genoa.

Atlantia said before markets opened Thursday that government pledges to revoke Autostrade per l’Italia’s concession were made before the cause of the collapse has been determined. Company shares shed 5.4 percent in the last trading day Tuesday, burning 1 billion euros ($1.14 billion) in capital.

Atlantia said the government would have to pay the value of the concession to revoke it under the terms of the deal.

Premier Giuseppe Conte and key ministers said they are launching the process to revoke the concession, citing inadequate maintenance. Prosecutors are investigating both the maintenance and design of the bridge as a cause.

8:05 p.m.

A survivor of the Italian bridge collapse has described the highway falling out from under him. Another described trying to abruptly flip her car into reverse, and then grabbing her 3-year-old son and dashing to safety.

Davide Capello told France’s BFM television that he was driving on the Genoa bridge Tuesday when “I heard a heavy sound, and I saw cars in front of me falling. I saw the road collapse then I fell with them. I thought it was all over for me.”

Capello told BFM that he survived with only minor injuries because his car fell between concrete blocks that formed a sort of protection from further damage.

A French lawyer identified only as Leonine by Francetvinfo told the broadcaster that she and her husband and 3-year-old son were just entering the bridge when “we saw the pylon go completely to the right, and we realized what was happening.”

They tried to reverse the car, then “opened our doors, took our son out of his car seat and then left running until the tunnel.”

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7:50 p.m.

Italian Interior Minister Matteo Salvini says the search is continuing for people under the rubble of the collapsed bridge in Genoa, but he has declined to say how many people are feared missing.

Salvini said in Genoa on Wednesday that it is hard to establish who is not responding because they are on vacation and “who doesn’t respond because they are under the rubble.”

He added that he hoped the number still buried will be small, adding “miracles are still possible.”

At least 39 people were killed in Tuesday’s collapse.

Separately, local officials say they are taking data from people whose friends or relatives are missing, but that they do not yet know how many cars exactly were on the bridge when it collapsed and cannot extrapolate how many people might be buried in the rubble.

The Italian government has called on the senior management of the company that maintained the bridge to resign. https://t.co/W6KUWBFfZC

— Breitbart London (@BreitbartLondon) August 15, 2018

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7:05 p.m.

The Italian Cabinet has approved a 12-month state of emergency for Genoa after a key highway bridge collapsed, killing at least 39 people.

Italian Premier Giuseppe Conte says his government won’t wait until prosecutors finish investigating the deadly Genoa bridge collapse to yank the concession from the main private company that maintains Italy’s highways.

Conte led an emergency Cabinet meeting Wednesday in Genoa, a day after the highway bridge collapsed. He called the tragedy “unacceptable in a modern society” and vowed to work so similar events won’t happen again.

He said Italy will look for another company to maintain much of the nation’s highway system and will demand “more stringent” rules about maintenance. Conte said: “we cannot wait for justice” and that “all citizens must travel in safety.”

Conte also called for swift removal of the tons of debris that fell in Genoa to facilitate rail travel and reduce the danger of floods.