Astaldi operation formally concluded

MILAN, November 6, 2021 – Webuild informs that, on November 5, 2021, Italy’s Court of Cassation declared as inadmissible the arguments behind four extraordinary appeals filed during the course of 2020 by some Astaldi bondholders against Astaldi’s composition with creditors procedure.

The Court’s ruling brings to a close the complex procedure involving Astaldi S.p.A., which saw it become part of the Webuild Group. The Astaldi operation is therefore formally concluded, thereby enabling the creation of a major player in the Italian infrastructure sector, as envisioned by Progetto Italia, the industrial project to consolidate the sector and contribute to the development of the country’s economy with the construction of public works foreseen under the National Recovery and Resilience Plan (PNRR) and related initiatives. 

To be noted that Astaldi was notified of the first two extraordinary appeals on September 14 and 15, 2020,  before becoming part of Webuild, separately filed by an individual and a group of 279 bondholders.   Subsequently, on October 13 and 14, 2020, two further appeals were filed separately by a group of eight bondholders and another group of 18 bondholders. Their arguments almost fully reproduced those contained in the first appeal. The four appeals were later combined pursuant to art. 335 of the Italian Code of Civil Procedure.

From August 1, 2021, further to the fulfillment of all conditional issues, as well as the signing of the demerger deed on July 29, 2021 and the subsequent filing with the Company Registrar’s offices, Astaldi’s integration into Webuild, by means of a partial proportionate demerger of Astaldi, became effective for statutory, accounting and tax purposes.