Creative financing for Astaldi-Salini

All,

Astaldi-Salini: have been awarded a E600m contract to build another 18.7km of the Napels-Bari railway. The contract is a JV between the two companies with 40% for Astaldi and 60% for Salini. Funny timing isn’t it? Railways are the only pre-paying contracts in Italy. So customer RFI – Rete Ferroviaria Italiana are presumably financing the two companies as they struggle through their limbo. It seems the Italian establishment have come together. That rights issue is coming closer (See our last mail).

Wolfgang