December 2, 2019 / 11:32 AM / 6 days ago

RPT-Italy's Astaldi starts sale of stake in Bosphorus bridge

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MILAN, Dec 2 (Reuters) - Astaldi said on Monday it had started steps to sell its 33% stake in the third Bosphorus Bridge in Istanbul to Turkey’s IC Ictas Sanayi ve Ticaret, a move aimed to help the Italian builder complete its rescue plan.

Astaldi, which is under a creditor protection scheme, said it would use the sale proceeds to pay its creditors.

Astaldi’s rescue plan needs approval from its creditors, who are scheduled to meet on March 26. The plan includes Italian rival Salini Impregilo buying a majority stake in Astaldi and building a national construction giant.

The third Bosphorus Bridge was built in 2016 by a joint venture between Astaldi and IC Ictas.

Astaldi shares were up 5.4% at 0.6695 euros per share at 945 GMT.

Reporting by Elisa Anzolin

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