UPDATE 1-Impregilo completes EcoRodovias stake sale

Fri Jan 11, 2013 4:34am EST

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MILAN Jan 11 (Reuters) - Impregilo, Italy's biggest builder, has agreed to sell its remaining 6.5 percent stake in Brazil-based motorway operator EcoRodovias to Brazilian investment bank BTG Pactual.

Impregilo, controlled by family-owned peer Salini, has been selling its 29.2 stake in EcoRodovias and other assets to bring return on equity (RoE), a measure of profitability, in line with construction peers in 2015.

The group said on Friday it would pocket a net gain of 193 million euros ($255 million) from selling the 6.5 percent stake.

The sale is at a premium of 6.3 percent to the average EcoRodovias share price over the last six months.

Impregilo said it had raised 925 million euros net from the sale of its entire stake in EcoRodovias.

BTG Pactual bought a first 3.7 percent stake from Impregilo in October, while Brazilian builder Primav Costrucoes took the remaining 19 percent.

Pietro Salini, appointed chief executive of Impregilo after his group took control of the board last July, is focusing on the construction sector and geographical expansion.

He aims to raise a further 350 million euros and 150 million from disposals in 2013 and 2014, respectively.

Investors are awaiting a decision in March on whether Impregilo will pay a special dividend or boost returns through a mix of dividend and growth-oriented acquisitions.

($1 = 0.7568 euros) (Reporting By Stephen Jewkes; Editing by Lisa Jucca and Mark Potter)

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