July 19, 2017 / 2:49 PM / 8 months ago

Italy's Gavio group looking to increase control over EcoRodovias

MILAN, July 19 (Reuters) - Italy’s Gruppo Gavio is working on a friendly proposal addressed to Brazil’s Almeida family to increase control over local toll road operator EcoRodovias Infraestrutura & Logística, top shareholder Beniamino Gavio said on Wednesday.

Gavio and the Almeidas agreed in 2015 to jointly control a company to which the Brazilian family contributed its 64 percent stake in EcoRodovias.

Gavio’s indirect stake was at the time of 41 percent. It has since risen to around 47 percent as the Italian group bought more shares in EcoRodovias.

Gavio said it had now hired a Brazilian bank to submit a proposal to the Almeidas with a view to consolidating EcoRodovias into the group’s financial statements and improve governance.

“We want to come to a friendly agreement to avoid creating confusion and in the best interest of all shareholders and of the company,” Gavio said.

Gavio controls Italian toll road operators SIAS and ASTM. (Reporting by Elisa Anzolin, writing by Valentina Za, editing by Silvia Aloisi)

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