Sicily-based Calcestruzzi is to the re-incorporated into Italcementi following a decision by the court of Caltanissetta to revoke in full the preventive seizure of the company and an order for the return of the company assets to entitled shareholders. Calcestruzzi’s assets were removed from the control of Italcementi in 2007 following reports of mafia involvement and price fixing.
Sicily-based Calcestruzzi is to the re-incorporated into Italcementi following a decision by the court of Caltanissetta to revoke in full the preventive seizure of the company and an order for the return of the company assets to entitled shareholders. Calcestruzzi’s assets were removed from the control of Italcementi in 2007 following reports of mafia involvement and price fixing.
According to Italcementi, the order by the court recognises the validity and effectiveness of the action taken by Calcestruzzi to implement the schedule of prescriptions drawn up by the court, and the clear demonstration of the “good intentions of the company under seizure and of its controlling company “.
Calcestruzzi expressed its satisfaction with the court’s decision and with the fact that the re-organisation plan and the improvements to its corporate governance of the last few years had been favourably assessed and appreciated.
Calcestruzzi will be re-consolidated into its parent company’s results with effect from 1 January 2011.
