MILAN (Reuters) - Family-owned Italian builder Salini raised its stake in larger rival Impregilo IPGI.MI to 86.5 percent on the last day of its takeover bid.
Salini offered 4 euros per share in cash for the 70 percent of Impregilo it did not already own, valuing Impregilo at 1.6 billion euros.
Salini, which won board control of Impregilo at a shareholder meeting in July, said in a statement on Friday it had won acceptances for 80.8 percent of the offer.
The takeover 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.
“Our intention is to proceed as soon as possible with the merger between the two groups in order to fully get the synergies from the integration between Impregilo and Salini,” Chief Executive Pietro Salini said in a statement.
The merger is estimated to yield synergies of about 100 million euros.
Key to the success of the offering was a decision by rival shareholder Gavio to tender almost all of its 29.9 percent stake to the bid, drawing a line under a long fight with Salini to control Italy’s biggest builder.
Salini said 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.
Salini said in March it did not plan to delist Impregilo. However, if it secured over 90 percent of the company it may have to restore the stock liquidity by placing the shares back on the market or ultimately decide to delist the company.
Reporting by Danilo Masoni, editing by Antonella Ciancio and Richard Chang