Salini presents a new offer for Astaldi, updating the company's settlement plan and joining the so-called Progetto Italia, a plan aimed at developing the major works and construction sector.
Appreciate the Stock Exchange: in Piazza Affari, the Astaldi stock travels up 2% to 0,758%, after opening gaining 4,8%. Positively, but more shy Salini shares, up by 0,45% to 1,768 euros.
The project was announced by Salini in the late evening of Monday, 15 July: "Having taken note of the growing sharing between the various parties involved of the legal and financial structure of the overall operation illustrated below, as well as of the maneuver underlying it - reads in the company note – the Board of Directors of Salini Impregilo, which met today, resolved to submit a new offer to Astaldi destined, on the one hand, to consolidate in a single document the offer presented by the Company on 13 February and its subsequent additions and, on the other hand, to supersede and replace the same offer in light of the ongoing negotiations with the banks lenders, CDP Equity SpA (CDPE) and with the other interlocutors involved".
Going into details, the proposal establishes the launch for Astaldi of a cash capital increase of 225 million euro, reserved for Salini Impregilo, the commitment to grant some credit lines and the hypothesis of un 600 million euro capital increase by Salini with the participation of banks and Cdp. The recapitalization plan envisages a commitment by Salini Costruttori of 50 million and Cdp Equity up to 250 million, without prejudice to the possible activation of guarantee commitments by the guarantor consortium for a further 150 million maximum, with the participation of Merrill Lynch and Citybank as global coordinators.
In parallel the corporate governance of the company will be implemented for the purpose of develop the Italy Project, i.e. the consolidation plan for the major works and construction sector open to the adhesion of interested industrial subjects.
Salini Impregilo has received "non-binding comfort letters" from the various subjects involved in Progetto Italia which "confirm their respective willingness to continue the negotiations currently in progress effectively and in good faith". In the press release are "Salini Costruttori, Cdpe" and "Intesa Sanpaolo, UniCredit, Sace, Bnp Paribas, Illimity, Banco Bpm, Mps". The objective is "to define the terms and conditions of their intervention".
For the new offer to materialize, by 1 August 2019, it will be necessary sign binding agreements both with Cdp Equity (Cdpe) and with the credit institutions aimed at allowing the realization of the capital increase of Salini and the overall financial manoeuvre, both relating to Progetto Italia”. Not only that, Astaldi's arrangement with creditors will have to be approved and the OK from the Antitrust will also have to be obtained.
