February 5, 2014 / 8:27 AM / 4 years ago

Salini Impregilo shares lower as Panama talks break down

MILAN, Feb 5 (Reuters) - Shares in Italian builder Salini Impregilo fell sharply in morning trade on Wednesday after talks to settle a dispute over $1.6 billion in cost overruns in work to extend the Panama canal broke down.

By 0816 GMT, Salini Impregilo shares were down 2.7 percent, while the broader Milan index was up 0.13 percent.

Earlier on Wednesday the GUPC consortium working on the expansion, of which Salini is member, said the Panama Canal Authority broke off talks, meaning the canal expansion and up to 10,000 jobs were at risk.

Nevertheless, GUPC said it continued to seek a solution.

Reporting by Danilo Masoni, editing by Isla Binnie

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