The Impregilo-Salini transaction does not constitute a concentration, and therefore is not subject to assessment by the Competition Authority: the Antitrust has therefore decided that it will not comment on the notification made by the Salini construction group the purchase of the investment in Impregilo.
It can be read in the Bulletin of the Authority in which it is added that, as Salini does not have a stable majority and therefore control over Impregilo, the acquisition was not subject to notification and therefore the Antitrust will not proceed to examine the file as "the transaction communicated, in the light of the information provided, does not constitute a concentration".
In this context, writes the Antitrust "the elements in the records do not allow us to believe that Salini will be able to obtain a stable majority in the meeting. This is due to the fact that in the shareholding structure held by Salini (29,751%) there is a shareholder (Igli) with a slightly higher shareholding (being equal to 29,960%), which is characterized by having in the company Impregilo a strategic-economic and not merely financial interest".
The remaining part of Impregilo's share capital, continues the decision, “with the exception of the participation of Amber Capital (equal to 7,261%), is considerably widespread. Furthermore, there are no structural, economic or family ties between the Salini Company and the other shareholders of the Impregilo Company. On the basis of these elements, it cannot therefore be assumed that the minority shareholder Salini holds exclusive control of Impregilo”.
The Antitrust is also in the process of another investigation into the operation concerning the agreement signed between Impregilo and Salini to agree on their strategy with respect to participation in tenders: the procedure was born following a complaint by the group Gavio contending with Salini for control of Impregilo.
