July 17, 2020 / 6:08 PM / 22 days ago

Italian court gives final approval to builder Astaldi's rescue plan

MILAN (Reuters) - An Italian court has given final approval to a plan to rescue ailing Italian construction company Astaldi (AST.MI), paving the way for a tie-up with bigger rival Webuild WBD.MI, formerly known as Salini Impregilo.

In April, a majority of Astaldi’s creditors voted in favour of the plan, but Astaldi needed the court go-ahead to exit a Chapter 11-like creditor protection scheme agreed under a rescue plan worked out with Webuild.

Under the plan, Webuild is now expected to get a majority stake in Astaldi to create a national champion and help consolidate the construction sector with backing from state lender CDP.

Reporting by Elisa Anzolin; Editing by Mark Potter

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