MILAN, Feb 14 (Reuters) - Italy’s Salini Impregilo has offered to invest 225 million euros ($254 million) to rescue troubled rival construction group Astaldi, the company said on Thursday.
Subscribing to a reserved capital increase, the proceeds of which will help Astaldi repay debt, Salini is set to gain a controlling stake, it said in a statement.
Salini said the offer was conditional on Astaldi reaching an accord with its creditors as well as other long-term investors contributing to the cash call and banks agreeing to grant Astaldi credit to stabilise the group’s finances and operations.
$1 = 0.8864 euros Reporting by Valentina Za; editing by Jason Neely
