Verona Airport Dispute Nears Resolution with Brescia Airport Development

Signs of peace in the skies over Verona regarding the future of the Gabriele D’Annunzio airport in Montichiari, currently wholly controlled by the Catullo company of Verona-Villafranca. The company nonetheless includes Provincia di Brescia and Camera di commercio (each holding 10 percent, with regional councilor Guido Galperti on the board). By early May, the deadlocks that in recent months have pitted the Catullo management against the Comune di Verona are expected to be resolved, following a tough standoff brought before the civil court. Why May 9? That day marks the next hearing scheduled before the judge in Verona, and diplomatic efforts are already underway to reach an agreement beforehand. The dispute centered on the legality of last May’s assembly, which approved (with opposition from the Comune di Verona representative) the financial statements and the project for breaking off a new management company for the Brescia-Montichiari airport inaugurated in March 1999. The task of defining the contents of this “peace treaty” has been entrusted to two banks, Popolare di Verona and Cariverona, appointed as mediators. These credit institutions will prepare a proposal capable of overcoming the causes of conflict. Specifically, the guarantee that the Brescia side will deposit five billion lira into Catullo’s coffers—the last installment of the original financial commitment by Provincia and Camera di commercio. Additionally, the Montichiari airport will undergo a new appraisal to determine its value. These are two aspects that, according to Brescia’s perspective, would not constitute an obstacle. “We certainly won’t risk jeopardizing such an operation over five billion,” comments Vigilio Bettinsoli, provincial transportation councilor, who remains optimistic about establishing the company in the short term. Furthermore, the figures from the 2000 financial statements highlight the excellent condition of the Garda airport system. Verona and Montichiari together served about two and a half million passengers, a 30 percent increase. The Verona airport alone exceeded two million passengers, placing it among Italy’s top ten airports. There is also a rumor that, if confirmed, would further enhance the prestige of the Garda airport system: Air Dolomiti of Brescia’s Leali is planning to relocate its fleet from Ronchi dei Legionari to Verona. “There is no doubt,” asserts Bettinsoli, supporting the swift formation of the Brescia-based company, “that once we have an independent Board of Directors, we can dedicate all our energy to development in all directions. This doesn’t mean we will ignore Catullo; of course, we’ll be able to concentrate our efforts on the growth of Montichiari.”

Status of negotiations and shareholdings

Is everything resolved then? Not yet, as a crucial piece is still missing—the Ministry of Transport must issue the famous operating concession for Verona’s airport, including the sub-concession to Montichiari. This is a key step for launching Gabriele D’Annunzio Spa. The chapter on shareholdings in the company remains open as well. During the initial phase, the division is confirmed: 85 percent to Catullo and the remaining 15 percent to Brescia’s Provincia and Camera di commercio. The next step will involve bringing in new partners, with a reduction of Catullo’s stake to between 55 and 58 percent. Preferences for new shareholders naturally go to companies with relevant expertise in airport management. The most mentioned name in recent months’ gossip is Sacbo of Orio al Serio. The Bergamo-based company closed 2000 with a satisfactory overall result, but its last quarter was marked by a significant decrease in passenger numbers—37 percent fewer. Sacbo has expressed more than once its interest in entering the Gabriele D’Annunzio system. It would take on a significant role, not just a minor stakeholder, with financial resources capable of influencing strategic decisions. This is a legitimate desire, but it has caused some concern among Verona officials, who see behind Sacbo the “long arm” of Sea from Linate-Malpensa, which owns nearly 50 percent of the Bergamo company’s shares.