Italian global infrastructure company Salini Impregilo has submitted a revised offer to acquire domestic rival Astaldi in a bid to further consolidate its position in the market.

In its latest statement, Salini removed the amount it is planning to offer to buy a controlling stake in Astaldi.

In a statement that was later retracted, Salini put the figure at €225m ($253m).

In addition, it will inject €600m cash, which will be partially used to repay super senior debt holders and allows Astaldi to continue managing its business.

Plans also include offloading numerous infrastructure projects, extension of financing which Salini has towards some financial institutions.

It will also extend a cash credit facility of €200m to help support Astaldi’s cash requirements during an interim period ahead of the court’s final approval.

Salini said that its revised offer is conditional on receiving funding commitments from state lender Cassa Depositi e Prestiti (CDP) and from a group of commercial lender, including Intesa Sanpaolo, UniCredit, BNP Paribas by 1 August. Sorry, there are no polls available at the moment.

Astaldi is considered to be the third-largest construction group in Italy. The organisation filed for bankruptcy in September 2018 after it failed to deal with debt problems, despite offloading one-third stake in the Yavuz Sultan Selim Bridge in Istanbul.

In January, the company secured an $86m bridge loan from Fortress Investment Group. However, it could not salvage it worsening financial condition.

As a result, its American subsidiary was unable to complete four transportation projects in Florida and retreated in March.

The acquisition by Salini is slated to be completed within the first half of 2020. It will enable Astaldi to back in the business.

The revised offer by Salini is consistent with a state-backed plan, Progetto Italia (Project Italy), which seeks to revive sluggish construction activities in the country affected by years of recession and bad investments.