MILAN Oct 16 Italian construction firm
Impregilo said on Tuesday its board approved an offer
from Brazilian builder Primav Costrucoes for a 19 pct stake in
EcoRodovias worth about 2 billion reais, or about 765
Family-owned Primav had increased its offer for the Italian
construction group's shares in Brazil-based EcoRodovias to 19
reais per share, up from a July offer of 17.90, for just over
106 million shares, or about 19 percent of EcoRodovias' total
"The sale enables Impregilo to wipe out its debt," the
company said in a statement.
Impregilo also said it received offer for an additional 3.7
pct stake in EcoRodovias from BTG Pactual, a Brazilian
investment bank and wealth manager, worth 16.50 reais per share.
The two offers are worth a total of 2.39 billion reais, or
about 900 millione euros.
Impregilo can sell its remaining sake in EcoRodovias on the
market, or to third parties, as long as they are not competitors
Impregilo will illustrate the transaction in a conference
call on Oct. 17 at 0600 GMT.
(Reporting by Jennifer Clark)