Following media reports, FNM issued a statement confirming it had begun “preliminary assessments into the feasibility of a possible integration which may involve FNM, the Trenord subsidiary, and ATM Group.”

FNM is the second largest railway in Italy and operates a network in the northern regions of Lombardy and Piedmont. The company is listed on the Milan stock exchange and its principal shareholders include the region of Lombardy (57.57%), Italian State Railways (14.5%) and Aurelia (3%). FNM also operates a number of regional services in Lombardy through its Trenord joint venture with Trenitalia.

ATM operates an extensive network of metro lines, tram lines and bus routes in Milan and surrounding municipalities.