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'Preliminary deal' reached to plug Panama Canal overruns

Salini-Impregilo stocks soar over 5%

12 February, 15:30
'Preliminary deal' reached to plug Panama Canal overruns (ANSA) - Milan, February 12 - A preliminary agreement has been reached to cover $1.6 billion in cost overruns in works to expand the Panama Canal, sources close to the case said Wednesday. Italian company Salini-Impregilo makes up 38% of the building consortium working on the $5.25-billion expansion project. The Spanish-led consortium, known as the as Grupo Unidos Por el Canal (GUPC), and the Panama Canal Authority have been locked in a dispute for weeks, with GUPC halting work last week over the disagreement.

Word of the preliminary accord sent Salini-Impregilo stocks soaring 5.18% on the Milan bourse.

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