Salini wins a new round against Gavio in the dispute over Impregilo. The Civil Court of Milan rejected the urgent appeal filed by Igli (Gavio's holding company) last August 13th. The request was to suspend the resolutions of the Impregilo assembly regarding the revocation of the Gavio Board of Directors and the appointment of the new Board, now in the hands of the Salinis.
The Roman builder explains in a note that the judge confirmed both the legitimacy of Salini's "solicitation of proxies" and the correctness of the resolutions.
A few days ago the Antitrust had established that the Impregilo-Salini transaction does not constitute a concentration, and therefore is not subject to any assessment regarding possible infringements of competition. The Authority had therefore decided not to comment on Salini's failure to notify the purchase of the stake in Impregilo.
At this point four other fronts remain open: two complaints to Consob (one by Salini and one by Gavio, with the mutual accusation of concerted action), the investigation by the Court of Milan into Salini's conflict of interest, a liability action against the board of Impregilo and the investigation by the Antitrust on the hypothesis of a dominant position.
