MILAN (Reuters) - Italian builder Salini said it did not plan to delist Impregilo IPGI.MI if its recently launched takeover bid of the company was successful, Il Sole 24 Ore reported on Sunday.
Salini, which owns just under 30 percent of Impregilo IPGI.MI, has offered 4 euros cash for each ordinary share it does not own in Italy’s largest construction group, valuing the entire company at around 1.6 billion euros.
“The takeover is not aimed at the delisting of Impregilo, but at creating an Italian champion listed on the stock market,” the group’s Chief Executive Pietro Salini said in an interview with Il Sole 24 Ore on Sunday.
Salini managed to gain control of Impregilo’s board in the summer of last year after a bitter tussle with the Gavio group, which also owns just under 30 percent of the company.
The offer is subject to reaching a majority stake in Impregilo.
If Gavio decided not to subscribe to the offer and Salini took a stake of over 50 percent, the Impregilo stock would lose liquidity and a delisting would become an option.
If Salini instead secured over 90 percent of Impregilo, it may have to restore the stock liquidity by placing shares back on the market or ultimately decide to delist the company.
Reporting by Antonella Ciancio; Editing by Alison Birrane