LONDON (Reuters) – Activist hedge fund TCI Fund Management said it has submitted a complaint to the European Commission over “illegitimate expropriation” by the Italian government of Atlantia’s motorways unit Autostrade per l’Italia.
TCI, an investor in Atlantia, said in its complaint that Italy’s order that Atlantia sell down its stake in Autostrade “seriously threatened the fundamental principles of the EU Capital Market Union”.
In a separate letter sent to the Italian Treasury on Wednesday, TCI said the government’s actions have caused “significant losses” to international investors.
“The Italian government has repeatedly violated the principles of legal certainty, legitimate expectations and proportionality which are all key pillars of the Italian Constitution and the European Union,” said the letter seen by Reuters.
(Reporting by Maiya Keidan; Editing by Rachel Armstrong)
