July 12, 2019 / 10:48 AM / 2 months ago

Italy's Salini counts on CDP to back M&A-fuelled industry revival plan

July 12 (Reuters) - Italy’s biggest builder, Salini Impregilo, expects to receive backing by Monday from a sovereign wealth fund and banks for its “Project Italy” plan to revive the moribund construction industry, starting with a takeover of rival Astaldi.

Salini wants to become the cornerstone of an industry consolidation, aiming to secure the backing of sovereign fund Cassa Depositi e Prestiti (CDP) and commercial banks for a plan that would use mergers to create a national champion.

Salini chief financial officer Massimo Ferrari told reporters on Friday he expected to receive commitments from CDP and banks to back two funding operations needed under the plan: a 600 million euro ($675 million) share issue by Salini and 900 million euros in bank loans to be shared by Salini and Astaldi. ($1 = 0.8886 euros) (Reporting by Elisa Anzolin Editing by Mark Bendeich)

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