Italian contractor Salini is to buy its larger rival Impregilo after it raised its stake in the firm to 86% this week.
Salini’s bid will bring the contractor’s total number of shares in Impregilo to around 348M shares, or 86.54% of the company, valuing it at €1.6bn (£1.4bn).
“I am delighted with the definitive results of the tender offer, which was a transaction that for its dimensions and given the current economic context could have appeared unrealizable,” said Salini’s chief executive Pietro Salini.
“It is a grand industrial project that involves thousands of persons and their families. It is a story of work.”
The shares will be transferred to Salini on 17 April 2013.