MILAN, May 22 (Class Editori) – Astaldi, which is settling with its creditors, has in fact reopened the negotiation to sell the 33% participation of the concession of the bridge over the Bosphorus connecting Europe and Asia, held together with the Turkish partner IC Yatirim Holding. The reason why they reopened the negotiations is the agreement with the Turkish government, which accepted the possibility to update the concession rates twice a year instead of just one.
The Consortium led by the Merchants Group should take a share of around 467 million. Those negotiations would allow the Group to receive new financial funds to pay all its creditors, including bondholders. In addition, it would line with Salini-Impregilo and banks plan, which provides for the sale of the concessions. The market welcomes positevely the Astaldi stock and purchases have led the shares to increase their value by 7.88%.
Meanwhile, the Board of Directors chaired by Paolo Astaldi defined July 15th as the deadline for Salini Impregilo to make its final offer. The group, lead by Pietro Salini, notified Astaldi of the positive progress made in regard to the conditions attached to the binding offer – presented on February 14th, postponed to March 28th, and covering regulations and antitrust provisions. Some further progress has been made with the banks as well, working together in outlining the Progetto Italia, where Astaldi seeing its settlement with its creditors through plays a central role. In particular, Salini Impregilo believes that all involved banks should be completing the preliminary investigations and the decision-making stage between the end of June and the beginning of July.
"Thus the extension of the deadline, so now the specified conditions should be fulfilled by July 15th, while committing to provide a further update by June 19th in view of Astaldi’s next hearing at the Court of Rome. The latter should be of use in the provision of clarifications and integrations as required, in regard to the settlement with creditors issued in February".
In the meantime, in Italy Salini-Impregilo keeps working in constructions through a project which hopes to include performing companies as well. So much so, as MF-Milano Finanza had anticipated on May 10th, Salini should have already discussed it with the construction company Impresa Pizzarotti.
Finally, the selection process looking for Astaldi's Chief Restructuring Officer has reached its conclusion. The appointment and the conferment of relevant powers should take place during the Board’s next meeting, by the end of May, but it seems like the decision has already been made. As MF-DowJones reported, the selected CRO should be Paolo Amato, Prysmian Board member as well as CFO and Deputy General Manager Corporate of Alitalia during the management of Andrea Ragnetti. Amato graduated in Mechanical Engineering from the Università La Sapienza di Roma, and holds an MBA in Business Administration from the Harvard Business School. He was also Senior Engagement Manager for McKinsey and CFO of Ariston Thermo (Merloni Group).
(Source:Class Editori)
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