Impregilo thinks about the buy back. The first Italian general contractor could launch a plan to buy back treasury shares through a tender offer up to 20% of the capital. This was announced today by Alberto Sacchi, CEO of Astm, the company of the Gavio group which owns 29,9% of Impregilo. Sacchi then specified that "the tender offer will be addressed to all shareholders at a price that will be determined together with the advisors at the time of the offer itself".
For its part, the Salini group, which contends with the Gavios for control of the construction giant, had anticipated its intention to sell some subsidiaries and distribute an extraordinary dividend to shareholders.
The plan developed by the Gavio group to support the development of Impregilo in the 2012-2016 period – according to what we read in the presentation slides to the analysts – instead provides for a dividend policy in line with 2011.
Meanwhile Beniamino Gavio, managing director of the holding, explained that if the group were to come out defeated by the Salini group at the meeting on 12 July, it would not reply with the launch of a takeover bid. “Today, with this market here, I don't feel like putting one billion euros on the table – said Gavio -. If I have to go downstairs in the assembly, I will wait. I'll be the watchdog, we'll stay there."
