December 13, 2018 / 10:04 AM / a year ago

Italy's Salini and Japan's IHI have bid for Astaldi: source

ROME (Reuters) - Italian construction group Salini Impregilo (SALI.MI) and Japan’s IHI Corporation have made non-binding bids for troubled Italian builder Astaldi (AST.MI), a source said on Thursday citing a document.

Astaldi, which filed for court protection from creditors in September, filed a document with a court on Wednesday asking for a Dec. 16 deadline for its rescue plan to be extended, the source said.

Quoting from the document, the source said Salini was bidding only for Astaldi’s construction assets and not for its concessionary business, adding it could team up with one of more partners.

Two other sources said Salini’s offer envisaged the involvement of state-lender CDP and Astaldi creditor banks.

On Tuesday Salini’s CFO said the company was considering flanking itself with other Italian partners.

IHI’s bid involved a capital increase of around 600 million euros with the Japanese conglomerate covering up to half of the amount, the source said, citing the document.

Under its bid, IHI would be Astaldi’s main shareholder once the Italian builder had completed its rescue plan.

The document said Astaldi was looking for a new funding package in two parts, the source said.

A first tranche of 75 million euros would be provided by alternative lender Fortress that would see the builder through to February.

Salini, IHI and CDP were not immediately available for a comment.

Reporting by Stefano Bernabei, additional reporting by Paola Arosio, Stephen Jewkes and Ritsuko Ando, writing by Stephen Jewkes; Editing by Elaine Hardcastle

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