Salini moves for Impregilo shares

By Sandy Guthrie07 February 2013

Salini is making a takeover bid for fellow Italian company Impregilo, having won boadroom control last July.

Now, Salini is offering €4 for each ordinary share it does not already own, and said the move was part of its attempt to create a “national champion”. It said it hoped to achieve this through a merger. It currently owns just under 30% of Impregilo.

Salini's wants to refocus Impregilo’s activities into a pure construction business, targeting large and complex projects worldwide.

There was a protracted battle to gain control of the company with rival investor Gavio, which has a similar shareholding. In July 2012, Salini took control of the board of Impregilo and has fought off court actions by Gavio and its holding company IGLI since then.

In the most recent attempt, just last week, the Civil Court of Milan rejected a challenge filed by IGLI against a judgment of 6 November, refusing IGLI’s application for suspension of the “execution and effectiveness” of the resolution adopted by the Impregilo shareholders’ meeting in July concerning the revocation of the board of directors and the election of a new board.

Salini and Impregilo’s aim announced last September was that both companies would embark on joint commercial strategies in domestic markets and international markets, and would submit joint bids for larger and more complex projects. The companies said they expected to benefit from synergies in procurement, as well as optimising investments and pursuing greater efficiency in their commercial structures.

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