Salini is preparing to launch a 500 million bond which will serve to optimize the post-merger financial structure with Impregilo, including through the early repayment of a "corresponding value of the tender offer loan" with which the Roman group took control of Impregilo after a no-holds-barred battle against Marcello Gavio. The merger between the two construction companies was approved about ten days ago by the board of directors and will have to be ratified by the shareholders' meetings in September, to become operational from January 2014. The 500 million bond emerges from the documentation relating to the merger operation where indicates that the procedures necessary for the issue of the loan are being finalized, at the date of approval of the merger plan (June 24). It is a fixed-rate bond with a maturity date of 2018.
The offer promises to be well received after the Roman builder Pietro Salini managed to carry out the ambitious attack on the competitor Gavio, created value on the shares (+46% in one year) and presented an integration project which has aroused market approval. The plan aims to increase turnover by over 60% over four years and envisages integration synergies of almost 100 million when fully operational from 2016, while extraordinary costs of approximately 20-30 million between 2013 and 2014.
The exchange ratio of the reverse merger by incorporation of Salini into Impregilo is 6,45 Impregilo shares for every Salini share. Post operation the shareholding will see Salini Costruttori with a share of 89,95% of the capital, the remaining 10,05% of other shareholders. But the Roman builder has said he is willing to go under the majority of the capital in the face of a development project in a European key.
