MILAN Dec 11 Impregilo, Italy's
biggest builder, will likely wait until March to say how it will
distribute 1 billion euros ($1.3 billion) from asset sales to
shareholders, a source close to the matter said.
Investors are awaiting a decision on whether Impregilo will
pay a special dividend or boost returns through a mix of
dividend and growth-oriented acquisitions.
"A decision is more likely to be taken in March whan annual
results are approved," the source said on Tuesday.
Impregilo, controlled by family-owned peer Salini, this week
approved a business plan which aims for a return on equity (ROE)
above 14 percent in 2015, in line with construction sector
To meet that target, the company is selling down its stake
in Brazilian motorway operator EcoRodovias and its
Fisia engineering units.
The 2013 special dividend could be in the area of 1.5-2.0
euros, the source said, adding no specific acquisition was on
the table at the moment.
Impregilo aims to pocket 970 million euros ($1.3 billion)
from the sale of 29.2 percent of EcoRodocias by the year-end.
It aims to raise a further 350 million euros and 150 million
from disposals in 2013 and 2014, respectively.
Pietro Salini, appointed chief executive of Impregilo after
his family-owned group took control, is keen to focus it on the
construction sector and expand its geographical presence.
Salini took control of Impregilo's board in July after
months of clashes over strategy with the Gavio family which
previously controlled the company.
Impregilo shares closed up 2.1 percent at 3.348 euros,
giving it a market capitalisation of around 1.3 billion euros.
($1 = 0.7693 euro)
(Reporting By Danilo Masoni; Editing by Dan Lalor)