In Catania and Comiso, in southeastern Sicily, regarding the privatization of airports currently in public hands, they are following the instructions of the Sardinian Court of Auditors, unlike what is happening with Cagliari airport. A call for tenders has been open to all since May 4th. The deadline was June 3rd but has been extended to the 15th "to address the numerous requests for clarification from operators interested in the sale process, including those from outside the EU."

The analogous case

The Catania and Comiso airports are currently managed by SAC SpA. The majority shareholder is the Chamber of Commerce of South-East Sicily, which holds 60.64%. This situation is similar to that of Cagliari, although the Sardinian body holds an even larger stake, equal to 94.45%. In Sicily, the other shareholders are the respective municipalities of Catania (2.02%) and Comiso (0.96%), plus the Metropolitan City, the Free Consortium of Syracuse, and the Regional Institute for Productive Activities, each with 12.13% (rounded).

The regulatory framework

Decree 175 cited by SAC in the tender notice is the TUSP (Consolidated Law on Associated Companies), cited by the Sardinian Court of Auditors, Control Section, in the mandatory (though non-binding) opinion issued in 2023 on the privatization of Cagliari airport. This operation was rejected by the island's accounting judges, partly due to the lack of a public tender. They further wrote to SAC in Sicily: "The Company intends to conduct a selection process in compliance with the aforementioned legislation and, in any case, based on the principles of publicity, transparency, and non-discrimination, in the forms and according to the methods described in this notice, entitled 'Call for expressions of interest for the sale of a majority shareholding in the share capital.'"

The differences

Substantial differences emerge when comparing the Sicilian tender with the Term Sheet signed by the Sardinian Region, F2i, and the Cagliari-Oristano Chamber of Commerce, or the preliminary agreement. The Catania-Comiso SAC stipulates that the sale of its majority stake will be "five years." This is referred to as a lock-up. Before this period, "the shareholding" "may not be sold." This is sixty months. Todde and future shareholders, however, in point 19 of the Term Sheet, agreed on a twenty-seven-month lock-up, between the end of September 2026, the closing date of the Sardinian transaction, and January 1, 2029, when F2i will be free to offer the Sardinian holding company's shareholding to the market.