Pietro Salini, after landing in the capital of Impregilo, sends signals of peace. The purchase, he explains to Corriere della Sera, does not hide hostile intentions. On the contrary, the goal is only industrial: in a difficult situation like the current one, company dimensions and financial firepower much greater than that of the first Italian companies are needed. Therefore the path of alliances (and integration) between the leading groups is obligatory. Of course, it will take patience to digest the novelty. But Salini, who has just digested Todini's purchase, is the patient type.
So far the industrial framework, undoubtedly sensible. But the fact remains that the Roman group breaks into Impregilo at a delicate moment for the balance of the giant chaired by Massimo Ponzellini. An entrance on the scene with such perfect timing as to arouse a suspicion: was Salini's raid on Impregilo really a surprise for all Igli shareholders? The unspoken question will hover like an annoying cloud in the room where the representatives of the Benetton, Gavio and Ligresti families will meet on Friday, who with equal shares control the Italian construction leader. For all three, at least officially, the purchase of 8,3% of Impregilio (still up by 1,93% the day after the announcement) by Salini-Todini for 65 million was a out of the blue.
But that falls at a particular moment in the life of the company chaired by Massimo Ponzellini, which these days attracts difficulties like a sort of human magnet. Indeed, Friday's meeting has on the agenda the 223 million loan that Impregilo has with Mediobanca and Unicredit, expiring at the end of October. Apparently there are no problems, also because Impregilo finally sees a solution to the long-running payment for the Acerra incinerator. It's just a question of deciding between a bridging solution, i.e. the request to renew the loan for nine months for an amount of 150 million to which would be added a shareholder loan of 73 million.
The date is not accidental: in nine months the syndicate agreement will expire, which will eventually have to be canceled three months earlier. Or, as Gavio requests, proceed with the dissolution of the agreement followed by the stew of the Impregilo shares to be attributed pro rata to the portion of the debts. It will be the position of Unicredit, on the one hand a partner and major financier of Fonsai di Ligresti and joint creditor with Mediobanca di Igli, a creature that Ligresti absolutely does not want to give up. Here's a suspicion: Is it not that Salini is the ideal replacement for Ligresti in Igli?
The share, 8,3% against 9,9%, is now similar; the previous one (the exit of Rocca in the past replaced by Ligresti) is not lacking. Unicredit has inherited via Capitalia solid ties with the Salini group. The hypothesis is denied, for now, by Gilberto Benetton: "The Igli pact cannot be touched", he said on the sidelines of the Assonime meeting, limiting himself to commenting, with regard to Salini's entry, that "everyone is free to buy the actions he wants”. But the feeling is that the game has just begun.
