Reuters: Mergers News: Ex-Goldman, independents in Salini list for Impregilo

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Ex-Goldman, independents in Salini list for Impregilo Jun 1st 2012, 17:46 MILAN, June 1 | Fri Jun 1, 2012 1:46pm EDT MILAN, June 1 (Reuters) - Italian builder Salini has proposed a former Goldman Sachs banker as chairman of Impregilo and a majority of independent directors for a possible board renewal, as it seeks to convince investors to support its plan to create a national champion. Salini is the second-biggest investor in Impregilo after the Gavio family, which has board control of Italy's biggest builder and is opposed to Salini's ambitions to merge the two companies. Earlier this week, Massimo Ponzellini resigned as chairman of Impregilo after being arrested in connection with a probe into loans irregularly granted by Banca Popolare di Milano at a time when he was chairman of the mid-sized lender. Salini said in a statement on Friday it had proposed Claudio Costamagna, the former Goldman banker, as chairman while nine out of 15 proposed directors were independent. Among the independents were Alberto Giovannini, chairman of LSE fixed-income unit MTS, Pietro Guindani, chairman of Vodafone Italia, Laura Cioli, former COO at Sky Italia and Geert Linnebank, member of the Thomson Reuters foundation. Pietro Salini, CEO of Salini, was also in the list of candidates. The battle for Impregilo is a rare case in Italy where both contenders have hinted at a takeover bid, attracting foreign investors who have helped almost double the share price since September, when Salini started building its stake. Impregilo shareholders are due to meet on July 12 to vote on a proposal by Salini to renew the entire board. Link this Share this Digg this Email Reprints

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