Salini raises Impregilo stake again

By Helen Wright26 March 2012

Privately-owned Italian contractor Salini has increased its ownership in Impregilo for the third time in as many months, and now owns of 25% of Italy's largest contractor.

Salini said it bought 6,462,602 Impregilo shares on 22 March, bringing its total holding to 25.371% of the voting share capital.

The company said it reaffirmed its "determination to realise the project of creating a national champion in the global sectors of infrastructure, highway concessions and large, complex works."

Earlier this year, Salini said it was determined to pursue an "industrial project" with Impregilo.

However, at the end of January, the company played down speculation that it was considering a possible buyout, stating instead that it was willing to pursue a co-operation agreement with the group.

Salini owned a 15% stake in Impregilo by January and had grown this to 20.06% by February, stating at the time that its strategic priority was to build a leading European-based construction and concessions group. Then later in March it added a further 2.056%, bringing its total shareholding to 22.12%.

Investment consortium IGLI owns about 30% of Italian stock exchange-listed Impregilo, while McKinley Capital Management has a stake of over 2% and, aside from Salini's stake, the rest of the stock is free floating.

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