Deals
Italian Investors Feud Over Biggest Builder Impregilo
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The fate of Impregilo SpA, Italy’s biggest construction contractor with projects from Brazilian highways to the Panama Canal, was postponed until July 17 after the company’s two biggest investors clashed at a shareholder meeting today.
The Gavio family, with interests in highway concessions in northern Italy, controls Impregilo through a stake of just less than 30 percent. Salini SpA, a construction company led by Pietro Salini, also has built up a stake of almost 30 percent in Impregilo in the last nine months and called an investor meeting to revoke the Gavio-backed board and replace it with directors headed by Claudio Costamagna, a former chairman of European investment banking at Goldman Sachs Group Inc.