October 16, 2012 / 6:46 PM / in 5 years

Impregilo approves offer from Primav for 19 pct stake in EcoRodovias

MILAN, Oct 16 (Reuters) - 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 million euros.

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 capital.

“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 to Primav.

Impregilo will illustrate the transaction in a conference call on Oct. 17 at 0600 GMT. (Reporting by Jennifer Clark)

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