The board of directors of Cassa Depositi e Prestiti gave the green light to Progetto Italia, the plan that should relaunch the construction sector in Italy. This unlocks the joint intervention of CDP with Salini Impregilo to save Astaldi. The transaction will require a capital increase from 225 million euro reserved for the general contractor (the OK from the board arrived yesterday evening), which will be followed by a further loan of 100 million through the conversion of a portion of the debts into equity. A third intervention is also possible to satisfy unexpected unsecured creditors.
Salini Impregilo will in turn build a capital increase of 600 million and will get the grant of cash lines of credit and endorsements for 1,6 billion.
In particular, to cover the increase the construction group will receive 250 million from Cdp Equity, 50 million from Pietro Salini and 150 million from banks (67 each from Unicredit and Intesa Sanpaolo, nine million from Banco Bpm). The remaining 150 million will be offered to the market with the guarantee of two foreign banks.
On the front of the governance, Salini Impregilo will have a Board of 15 members, nine of whom will be from Salini, five from CDP (including the guarantee chairman) and one from the banking world. The managing director will be Pietro Salini, while Massimo Ferrari will remain general manager.
The rescue of Astaldi will be just the first step as part of a much larger project, which will involve other companies in crisis (Condotte, Glf and Cossi) thanks also to the support of other builders (Pizzarotti, Rizzani de Eccher and Vianini Lavori).
Overall, Progetto Italia's goal is to protect 500 jobs over the next three years, reviving blocked construction sites for 30 billion. All this also thanks to the creation of a new international group which will also bring benefits to small businesses through related industries.
Il title of Salini Impregilo, after gaining 5,5% on Thursday, retraced 2,2% at the end of the morning.
