February 14, 2019 / 7:38 AM / 4 days ago

Italy's Salini makes 225 mln euro rescue offer to Astaldi

MILAN, Feb 14 (Reuters) - Italy’s Salini Impregilo has offered to invest 225 million euros ($254 million) to rescue troubled rival construction group Astaldi, the company said on Thursday.

Subscribing to a reserved capital increase, the proceeds of which will help Astaldi repay debt, Salini is set to gain a controlling stake, it said in a statement.

Salini said the offer was conditional on Astaldi reaching an accord with its creditors as well as other long-term investors contributing to the cash call and banks agreeing to grant Astaldi credit to stabilise the group’s finances and operations.

$1 = 0.8864 euros Reporting by Valentina Za; editing by Jason Neely

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