MILAN (Reuters) - Builder Salini, which owns just under 30 percent of Impregilo IPGI.MI, on Wednesday offered 4 euros cash for each ordinary share it does not own in Italy’s largest construction group, valuing the entire company around 1.6 billion euros.
Salini managed to win control of Impregilo’s board in the summer of last year after a bitter tussle with the Gavio group, which also owns just under 30 percent of the construction company.
Banca IMI, Natixis and Rothschild acted as financial advisers for the takeover bid, Salini said in a statement.
The offer, which includes a premium of 4.6 percent over Impregilo share’s price of 3.8259 euros on Wednesday, regards 70.16 percent of Impregilo capital, the statement said.
The bidder said its offer aims to support a further development of Impregilo through a more efficient management of the company, adding it plans a tie-up with the Salini group in the future through a merger of the two groups.
The takeover offer is subject to reaching a majority stake in Impregilo, Salini said, adding he does not plan to delist the company should the offer be successful.
Reporting by Francesca Landini; editing by Gunna Dickson