Arbitration

Arbitration Over €1.3 Billion Dispute Between Mundys, Allianz, and Silk Road Fund Nears Decision

Published 2026-05-01 1 source Arbitration Icc Arbitration Infrastructure Investment Dispute Italy

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TL;DR

  • A €1.3 billion arbitration is ongoing between Mundys, Allianz, and Silk Road Fund concerning the sale of Autostrade per l'Italia shares.
  • The dispute centers on alleged investment losses following the collapse of the Ponte Morandi and subsequent contractual disagreements.
  • The arbitration, administered by the ICC, began in 2022 and a final decision is expected by the end of the year.
  • Claims have escalated alongside procedural developments, with minority shareholders seeking damages from former majority owner Atlantia.

Overview

A high-value arbitration involving Mundys (formerly Atlantia), Allianz Capital Partners, and the Silk Road Fund concerns alleged damages arising from the 2022 sale of 88% of Autostrade per l'Italia (Aspi) to a consortium led by Cassa Depositi e Prestiti. The case, administered under the ICC Rules, focuses on the post-Ponte Morandi collapse market valuation and contractual warranty claims made by minority shareholders against the former controlling shareholder.

What Happened

In 2017, Allianz Capital Partners (via Appia Investments) and the Silk Road Fund purchased a combined 11.94% of Aspi from Atlantia, valuing the company at €14.8 billion and entering into identical contracts and a shareholders' agreement.

After the 2018 Ponte Morandi collapse, the valuation of Aspi decreased, impacting the minority shareholders' investment. In May 2022, Atlantia (now Mundys) signed an agreement to sell 88.06% of Aspi for €8.1 billion, restructuring the ownership at a significantly lower valuation.

Allianz and Silk Road Fund initiated arbitration in 2022, alleging generic breaches of warranty and seeking €775 million in damages, later increasing their claim to €1.3 billion as further details and submissions unfolded.

Proceedings have included filings of statements of claim and defense, main hearings in Milan, and repeated amendments to the dollar value of damages sought. Mundys continues to deny the claims, while arbitration proceedings are expected to conclude with a final decision by year end.

Context

The arbitration originated from contractual terms agreed in 2017 when Allianz and Silk Road Fund entered Aspi, including warranty clauses and a mechanism for redress in case of significant value impairment.

Following the collapse of the Ponte Morandi bridge, Aspi's valuation dropped, leading to tensions between minority and majority shareholders regarding the true extent of loss and whether contractual guarantees were breached.

The arbitration is conducted under ICC rules in Milan and has been ongoing for four years, paralleling both civil litigation over the bridge collapse and regulatory proceedings around Autostrade's concession renewal.

Why It Matters

  • The case highlights how high-profile infrastructure failures can trigger complex and valuable investment disputes among international shareholders.
  • A substantial sum is at issue, raising implications for contractual valuation protections, warranty claims in M&A contexts, and Italy's infrastructure sector.
  • The arbitration's outcome will address the enforceability and scope of investment warranties and could influence future investment structures in similar contexts.

Sources

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