BREAKING NEWS
This content is not available in your region

Italy builder Salini decides to go ahead with Astaldi takeover

Access to the comments Comments
Italy builder Salini decides to go ahead with Astaldi takeover
FILE PHOTO: People work at the construction site of a new residential building on the outskirts of Rome, Italy September 24, 2018. REUTERS/Tony Gentile   -   Copyright  Tony Gentile(Reuters)
Text size Aa Aa

MILAN (Reuters) – Italy’s biggest builder, Salini Impregilo <SALI.MI>, has decided to go ahead with a 225 million euros (202.19 million pounds) takeover of ailing rival Astaldi <AST.MI>, an exercise to be partly funded by Salini raising 600 million euros in fresh capital.

Salini said in a statement issued late on Monday night that its board had decided to go ahead with the plan, which it had already flagged last week, and that the 225 million euros investment would leave it with a controlling stake in Astaldi.

In addition to the 600 million euros in new shares, Salini said the operation would be supported by various lines of credit worth a total of 984 million euros.

(Reporting by Claudia Cristoferi; Editing by Mark Bendeich)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.