Italy’s Salini counts on CDP to back M&A-fuelled industry revival plan

July 12 () – Italy’s biggest builder, Salini Impregilo, expects to receive backing by Monday from a sovereign wealth fund and banks for its “Project Italy” plan to revive the moribund construction industry, starting with a takeover of rival Astaldi. Salini wants to become the cornerstone of an industry consolidation, aiming to secure the backing of sovereign fund Cassa Depositi e Prestiti (CDP) and commercial banks for a plan that would use mergers to create a national champion. Salini chief financial officer Massimo Ferrari told reporters on Friday he expected to receive commitments from CDP and banks to back two funding operations needed under the plan: a 600 million euro ($675 million) share issue by Salini and 900 million euros in bank loans to be shared by Salini and Astaldi. ($1 = 0.8886 euros) (Reporting by Elisa Anzolin Editing by Mark Bendeich)Our Standards:The Thomson Trust Principles.