Astaldi had declared insolvency in September 2018. Salini, which grabbed larger Impregilo before, now uses this opportunity to also take over Astaldi.
A good summary of what is going on in Italian (tunnel) construction companies:
Astaldi in last many years focused on countries and regions with a lot of corruption like Turkey and South America, In corrupt countries profit margins are huge. But cost of doing business can also rise rapidly,
Having second thoughts. At least Astaldi will not go bust if Salini buys it.
cover tunnel photo by: Matt Brown from London, England / CC BY
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Allow me to say this: What a mess!
Out of 20 companies 7 are in financial problems. God knows about others. And the 4 of the top 5 are insolvent!
#italianmess