Salini-Impregilo, part of Progetto Italia Del Vecchio and Elliott new members


A capital increase of 600 million with the placement reserved for institutional investors for 150 million and guaranteed by Bank of America Securities, Citigroup and Natixis. Signed for the portion reserved for institutional investors, around 150 million, also from Leonardo Del Vecchio (there is still no disclosure on the share) and from the Elliott fund, relevant shareholder of TIM and controlling shareholder of Milan after having inherited the shares in lien. The owner of Luxottica, a testimony of his hyper-activism in defense of the Italians of some sectors that he considers strategic (although lacking at the moment of institutional interlocutors), which has just risen to 10% of Mediobanca, an important shareholder of Generali and had given his approval also for an investment for Ilva with Arvedi, Cassa Depositi and Jindal, then exit defeated by ArcelorMittal-Marcegaglia.

A testimonial convinced of the recapitalization operation (which saw the demand for underwriters more than three times the offer of newly issued securities) by Salini Impregilo as part of Progetto Italia which provides for the construction of a construction pole to restart infrastructure works for the time being, for the great part, still at the stake. Also due to the financial difficulties of general contractors such as Astaldi, which ended up in composition and incorporated in the perimeter through a capital increase by Salini Impregilo and the banks exposed. Now Salini's capital increase envisages Cassa Depositi as its second shareholder, through its subsidiary CDP Equity, which has committed 250 million and financing banks for 150 million (Intesa Sanpaolo, Unicredit and BancoBpm).

The Salini Impregilo stock remained frozen on the Milan stock exchange for excessive volatility for most of the session, precisely due to the placement of the shares. Which then closed with a drop of 2.68% to 1.74 euros, towards the fork of 1.4 and 1.5 expected. We have closed our capital increase with high demand from high-quality investors – said Pietro Salini, number one of the general contractor -. I am particularly happy with the participation in the Del Vecchio capital increase.

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