MILAN (Reuters) - An Italian court has given final approval to a plan to rescue ailing Italian construction company Astaldi AST.MI, paving the way for a tie-up with bigger rival Webuild WBD.MI, formerly known as Salini Impregilo.
In April, a majority of Astaldi’s creditors voted in favour of the plan, but Astaldi needed the court go-ahead to exit a Chapter 11-like creditor protection scheme agreed under a rescue plan worked out with Webuild.
Under the plan, Webuild is now expected to get a majority stake in Astaldi to create a national champion and help consolidate the construction sector with backing from state lender CDP.
Reporting by Elisa Anzolin; Editing by Mark Potter
Our Standards: The Thomson Reuters Trust Principles.