Salini Impregilo

Background information

1373365520-6857-logosaliniimpregilo_bigThe Impregilo group is the result of the merger of four historical Italian companies operating in the sectors of construction and engineering. The acronym “Impre-gi-lo” comes from the “GILT pact” (Girola, Impresit, Lodigiani, Torno), formed in 1955 for the construction of the Kariba Dam. With the dam’s completion in 1959 and subsequent departure of Torno, the other three companies established a society for the specific purpose of large-scale projects abroad, Impregilo S.p.A. (with 33% shares, plus 1% to IFI-FIAT, which controlled Impresit, so as to guarantee its majority and control). Thus, from Impresit, Girola, and Lodigiani, comes the name Impre.Gi.Lo.

In 2012 and 2013, Impregilo was the protagonist of one of the principal merger-acquisitions in the Italian market, as well as one of the fiercest battles fought in a shareholders’ meeting. The contest for control of the leading Italian construction company in volume of orders went on for a year. The hatchet was buried only in April 2013, when the Piedmontese Gavio family, shareholder in Impregilo through the holding company Igli, ceased its opposition to the public acquisition offer (OPA) for Impregilo from the Roman Salini family, contractors since 1936. Both families had a share of around 30%, and the rest was left to the market. Gavio maintained a block as an investment, while the Salinis merged their society with Impregilo, with the goal of creating a “national champion” with a sales volume of 7 billion euro and 32 thousand dependents, plus work orders totaling 20 billion euro. Today, the group is called Salini-Impregilo, and its president is former Goldman Sachs banker Claudio Costamagna.

Impregilo brings a dowry of dozens of projects, including subway lines in Milan, Naples, and Rome, the expansion of the Bergamo airport Orio al Serio, the new building for the administration of the Lombardy region, several high-speed train routes, the Pedemontana highway in Lombardy, construction on the Salerno-Reggio Calabria highway, and the Acerra refuse processing facility, in addition to ports, waterworks, and the bridge over the Strait of Messina (which exists only on paper, since it was never realized). All of this is only in Italy; Impregilo is also present in 30 countries abroad, with construction, concessions, and physical plants.

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