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Gavio rules out takeover bid for Italy's Impregilo-paper
November 18, 2012 / 12:05 PM / in 5 years

Gavio rules out takeover bid for Italy's Impregilo-paper

MILAN, Nov 18 (Reuters) - Italian construction group Gavio, fighting with rival Salini for control of Italy’s biggest builder, Impregilo, has ruled out a full takeover bid, the group’s head said in La Stampa on Sunday.

“We will not launch a bid on the group; it is too expensive,” Beniamino Gavio, head of the family-owned Gavio group, told the newspaper.

The Gavio and Salini families both own nearly 30 percent of Impregilo. Salini took board control of Impregilo in July, but the feud between the two families has continued.

“There are no contacts, no dialogue (with Salini),” Gavio said in the interview.

A Milan court this month rejected an appeal by the Gavio group’s holding company against the appointment of the Salini-backed board.

Reporting by Francesca Landini; Editing by David Goodman

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