The offer is in line with a state-backed plan, Progetto Italia (Project Italy), aimed at consolidating the public works and construction sector in Italy.
The plan has taken a step forward with Salini Impregilo’s receipt of letters from other parties to the deal, including banks, in which their continued support is confirmed. They have reaffirmed their common interest to proceed with the ongoing negotiations with a view to signing binding agreements by the end of this month.
The letters confirm the acceptance in principle of the corporate and financial structure of Project Italy, as well as the content of the overall asset and financial plan.
This plan envisages a number of financial measures including a cash capital increase by Salini Impregilo for €600m (£540m); extension of financing that Salini Impregilo has towards some financial institutions; and a cash credit facility for a maximum of €200m to help support Astaldi’s cash requirements during an interim period.
The board of directors of Salini Impregilo has submitted a new offer to Astaldi that takes account of the contents of the letters and the growing consensus in relation to the legal and financial structure of the overall transaction.
The offer is conditional upon, among other things, the approval of Astaldi’s proposed plan, the attainment of the necessary antitrust authorisations, the absence of any events that would put at risk the feasibility of the plan for Astaldi’s business continuity and the signing by 1st August of binding agreements with CDP Equity and the financial institutions.
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