August 20, 2018 / 11:54 AM / 4 months ago

Italy's Salini to set new 2021 targets after disposal: CFO

MILAN (Reuters) - Italy’s Salini (SALI.MI) will set new 2021 targets after a disposal in the United States and may consider hiking its payout, the builder’s chief financial officer told Reuters.

Salini’s U.S. unit Lane on Monday agreed to sell its plants and paving division to Eurovia, part of France’s Vinci (SGEF.PA), for $555 million.

“We’ll carry out a reorganization (in the States) ... then we’ll update the plan with a 2021 target for the whole group,” Salini CFO Massimo Ferrari told Reuters in a telephone interview.

“We’ll draw up a financial plan that will take into account the new resources available, we have several options, we’ll certainly assess boosting returns for shareholders in terms of dividend, we could buy back debt ... or even stock,” he said.

“There are a number of options... for now we are working on closing the deal in the last quarter of the year and on revising the plan, something which we’ll do between the start of September and the end of October,” he added.

Ferrari also said the group was looking to sell its stake in Argentina’s Autopistas del Sole motorway operator, which he valued at 80-90 million euros.

Asked about the group’s mooted U.S. listing, he said Salini was “studying and pondering” the matter.

Reporting by Elisa Anzolin, writing by Valentina Za

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