April 13, 2013 / 9:37 AM / 6 years ago

Italy's Salini eyes foreign growth after Impregilo merger: report

Salini's Chief Executive Pietro Salini poses for photographers before the news conference in downtown Milan April 23, 2012. REUTERS/ Stefano Rellandini

MILAN (Reuters) - Italian builder Salini, taking over larger rival Impregilo IPGI.MI, expects the merged group to double revenues over the next three years helped by expansion in the Americas and Australia, its head said in a newspaper interview.

Family-owned Salini, which has built a stake of 86.5 percent in Italy’s biggest builder after a takeover bid ended on Friday, told Il Corriere della Sera on Saturday he may consider listing the future merged group on more stock markets.

“It will depend on which markets will offer us more opportunities of raising capital. An option could be a flotation on more markets, with London among the possible options,” Chief Executive Pietro Salini said.

The takeover of Milan-listed Impregilo is part of plans by Salini to create a global construction player focused on large civil engineering projects from roads to hydroelectric dams in more than 60 countries.

Salini, who took board control of Impregilo at a shareholder meeting in July, said he expected to reduce the presence of the future merged group in Italy over the next few years.

Italy currently accounts for 15 percent of cumulated turnover at Impregilo and Salini.

“We are looking at different realities all over the world, with the aim of carrying out local acquisitions to then dominate the relative markets,” the CEO said.

Salini said on Friday the offer will be reopened for another five working days from April 18 to allow shareholders who have not subscribed the bid to tender their shares.

Reporting by Antonella Ciancio; editing by Ron Askew

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