Salini Costruttori is evaluating the option of launching a takeover bid on Impregilo if there is no agreement to create a national construction champion, according to a source close to the situation.
Salini's acquisition of control could likely trigger other M&A activities, such as a divestment
of Impregilo's stake in the Brazilian Ecorodovias and of the loss-making subsidiary Fisia. “The takeover bid is certainly one of the alternatives. An option that can be faced (financially)," the source told Reuters on condition of anonymity.
No comment from Salini. Other options on the table for Salini are the negotiation of an agreement with the Gavios and the Benettons (Impregilo's main shareholders through the Igli vehicle, which owns just under 30%) or seek shareholder support for his plan at the shareholders' meeting of this spring, the source added.
A single Salini-Impregilo group would see revenues of 5 billion euros in 2015, according to a study. Salini would like to transform Impregilo, which currently has both construction and concession business in its belly, in a pure builder with few operations in the concession sector.
The news made the Impregilo stock on the Stock Exchange: in mid-afternoon it remained at +2,9%
