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Italy: Salini backs plan to buy fellow builder Astaldi

By  |  July 16, 2019

Italy’s biggest builder Salini Impregilo gave the go-ahead on Tuesday, July 16, to a takeover bid for stricken rival Astaldi, kickstarting a state-backed plan to revive the country’s moribund construction industry.

Salini announced it would take a controlling stake in Astaldi, in bankruptcy proceedings, in return for an equity investment it had earlier put at €225 million (US$252.2 million), though it removed that figure from its latest announcement on Tuesday.

The takeover is at the center of a much larger financing plan designed to fix Astaldi and create a new national champion.

Full Content: Reuters

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