Impregilo SpA (BIT:IPG) agreed to acquire Salini S.p.A. from Salini Costruttori S.p.A. through a merger plan DKK 8400 million on June 24, 2013. The consideration involved issuance at a fixed exchange ratio of 6.45 Impregilo ordinary shares for each Salini ordinary share. The new listed company will be called Salini Impregilo S.P.A. Post completion of merger Salini Costruttori S.p.A. will hold approximately 402 million Impregilo shares equal to 89.95% stake. The transaction needs to be approved by the shareholders at meeting to be held in September, 2013. The Board of Directors of Impregilo S.p.A. and Salini S.p.A. have approved the merger plan. The conclusion of the merger is subject to the lack of a contrary opinion by the common expert regarding the suitability of the exchange ratio and obtaining attestation on the same. As of November 26, 2013, deed of merger by incorporation of Salini SpA into Impregilo SpA was signed according to the resolutions of the respective shareholders' meeting held on September 12, 2013. As of September 13, 2013 the transaction has been appoved by the shareholders of Impregilo. As of December 3, 2013, deed of merger by incorporation of Salini SpA into Impregilo was filed and was registered on December 4, 2013 in the Companies Register of Rome and on December 5, 2013 in the Companies Register of Milan. The transaction is expected to complete on January 1, 2014.

Vitale & Associati acted as fairness opinion provider to Salini. Banca IMI S.p.A. and Rothschild Inc. acted as financial advisors to Salini Costruttori S.p.A. The Goldman Sachs Group, Inc. (NYSE:GS) acted as financial advisor to Impregilo and Partners CPA acted as fairness opinion provider to Impregilo on issuance of the fairness opinion for the determination of the exchange ratio. Lazard acted as financial advisor and F. Carbonetti acted as legal advisor to Impregilo Related Parties Committee. Studio Bonelli-Erede-Pappalardo acted as legal advisor and Boston Consulting Group acted as business consulting advisors to both the parties in the transaction. PricewaterhouseCoopers SpA acted as auditor to Impregilo. Natixis (ENXTPA:KN) acted as financial advisor to Salini Costruttori. Baker Tilly Revisa S.p.A acted as legal advisor to Salini Impregilo.

Impregilo SpA (BIT:IPG) completed the acquisition of Salini S.p.A. from Salini Costruttori S.p.A. on January 1, 2014.