July 16, 2019 / 5:37 AM / a month ago

Italy builder Salini decides to go ahead with Astaldi takeover

MILAN, July 16 (Reuters) - Italy’s biggest builder, Salini Impregilo, has decided to go ahead with a 225 million euros ($253 million) takeover of ailing rival Astaldi, an exercise to be partly funded by Salini raising 600 million euros in fresh capital.

Salini said in a statement issued late on Monday night that its board had decided to go ahead with the plan, which it had already flagged last week, and that the 225 million euros investment would leave it with a controlling stake in Astaldi.

In addition to the 600 million euros in new shares, Salini said the operation would be supported by various lines of credit worth a total of 984 million euros.

$1 = 0.8883 euros Reporting by Claudia Cristoferi Editing by Mark Bendeich

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