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(Recast to add Atlantia's reaction, background)
MILAN, June 27 (Reuters) - Tensions between one of Italy's ruling parties and motorway operator Atlantia burst into open warfare on Thursday after a senior minister vowed to revoke its toll-road concession, saying the firm would lose market value and be "cooked" as a result.
Atlantia threatened to sue over remarks by Industry Minister Luigi Di Maio, whose 5-Star Movement is leading a campaign to strip the group of the concession after the deadly collapse of a bridge operated by one unit of Atlantia.
Di Maio made his comments in seeking to explain why Atlantia, controlled by the Benetton family, would be an undesirable partner for troubled flagship carrier Alitalia , which the government is trying to rescue.
The minister said Atlantia was set to lose its national motorway concession, adding this would dent the market value of the group, which has currently a market cap of nearly 19 billion euros ($22 billion), according to Refinitiv data.
"Atlantia is cooked, it cannot be involved (in Alitalia)," Italian newswire ANSA quoted Di Maio as telling the "Porta a Porta" TV show of state broadcaster RAI.
The concession covers nearly 3,000 kilometres of roads in Italy and accounts for roughly one third of Atlantia's core profits.
The 10-month old Atlantia dispute highlights what some investors have called a deteriorating investment climate in the euro zone's third biggest economy under the governing coalition, formed by the anti-establishment 5-Star Movement and the traditionally more pro-business League party.
Last Tuesday the 5-Star and the League disagreed over the request presented by Di Maio to revoke the concession, with the League saying it would be folly to scrap the concession, according to a senior party source.
"The statements today by deputy prime minister (and industry minister) Di Maio are unsettling for the Atlantia share price ... and give rise to serious reputational damage for the company," Atlantia said in a statement.
The company said it reserved the right to take legal action to protect its reputation, its staff and investors.
Di Maio responded on his Facebook account that he would not backtrack.
On Friday both Di Maio and League party head Matteo Salvini are expected in Genoa to attend the demolition of the two remaining towers of the viaduct collapsed last August.
The disaster killed 43 people and triggered harsh criticism of Atlantia which was accused by top politicians of poor maintenance of the infrastructure.
Atlantia has always denied wrongdoing.
In a statement issued late on Thursday, Italian industry lobby Confindustria called for the Prime Minister to act to protect the credibility of the country and criticised Di Maio's words over Atlantia.
"It would be appropriate for the prime minister to clarify ... the line to keep on these delicate issues to prevent the credibility of the country being compromised and to ensure legal certainty," Confindustria said in a statement.
The Transport Ministry is expected to publish on Friday a legal opinion on the process to revoke Atlantia's concession, a ministry source said.
Atlantia has never expressed an interest in investing in Alitalia, but there is persistent speculation that it might do so in an effort to mend relations with the government and in particular the 5-Star Movement. ($1 = 0.8797 euros) (Additional reporting by Stefano Bernabei in Rome; Editing by Elaine Hardcastle)