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Panama Canal builder Impregilo in boardroom battle

Thursday, July 12, 2012

The fate of Impregilo, Italy’s biggest construction company with projects including the Panama Canal, will be decided at a shareholder meeting today as two families struggle for control.

The Gavio family, with interests in highway concessions in northern Italy, controls Impregilo through a stake of just less than 30 percent.

Salini, a construction company led by Pietro Salini, has built up a stake of about 29 percent in Impregilo in the last nine months and called an investor meeting to revoke the Gavio-backed board and replace it with directors headed by Claudio Costamagna, a former chairman of European investment banking at Goldman Sachs.

Source: Bloomberg