Primav relaunches on Impregilo's stake in Ecorodovias, a Brazilian company in which the general contractor holds a 19% stake. The upward offer was examined by the group's Board of Directors and provides for an increase in the price from 16,59 reais to 17,90 reais per share. The total value for the 19% stake in Ecorodovias is approximately 763 million euros at the current euro/reais exchange rate, clearly higher than the 690 million euro of the previous offer at the euro/reais exchange rate of 21 June.
According to the terms of the offer, the remaining 10% held by the Impregilo group, together with the 40,1% stake in Primav, for a total stake of 50,1% of the capital, will remain bound by a shareholders' agreement and voting syndicate of co-control which also provides for a lock-up commitment (prohibition of sale) for a period of 18 months, compared to the 2 years envisaged in the previous offer.
The proposal also envisages the development of an industrial partnership between Cr Almeida and Impregilo aimed at developing and executing, through a mixed consortium (in which Impregilo will have a 40% stake), construction works for Ecorodovias for an estimated amount of approximately 8 billion reais over the next 8 years and further potential Ecorodovias works for approximately 6,8 billion reais as well as to participate jointly (with equal shares) in the construction market in Brazil and South America.
Lastly, the board resolved to amend the regulation on transactions with related parties which will be published on the company's website.
In the afternoon, the Impregilo share gained more than 4% on the stock exchange.
