July 9 (Bloomberg) -- Societa Iniziative Autostradali e Servizi SpA, Italy’s second-biggest highway manager by market value, will probably distribute an extraordinary dividend of about 200 million euros ($246 million), Beniamino Gavio said.
SIAS may distribute the dividend in September, Gavio, chairman of the Gavio family’s Argo Finanziaria, said in an interview in Milan on July 5. The company, which manages highways in northwestern Italy, said May 11 it may distribute a special dividend with the proceeds of the sale of Chilean assets.
The Gavio family controls Autostrada Torino-Milano SpA, which is SIAS’s largest shareholder. ASTM owns a stake of just less than 30 percent in Impregilo SpA, Italy’s largest construction company, and is fighting to keep control of the board as rival investor Salini SpA called a shareholder meeting for July 12 to revoke directors.
SIAS said in a March 20 presentation that the 565 million-euro proceeds from the sale of Chilean assets could also be used to buy out minorities of existing concessionaires or exercise a call option for Autostrada Torino-Savona, which expires at the end of September. Impregilo may propose an extraordinary dividend of at least 100 million euros if the Gavio family retains control of the board, Gavio said in the interview.
To contact the reporter on this story: Marco Bertacche in Milan at firstname.lastname@example.org.
To contact the editor responsible for this story: Jerrold Colten at email@example.com