(Alliance News) - Webuild Spa on Thursday reported that it has completed negotiations and is close to finalizing an agreement with the Deloitte Administrators of Clough Ltd in Australia to extend the scope of the acquisition to include additional projects, safeguarding the continuity of the company's business, the delivery of quality works to clients, and above all, safeguarding the unique skills and know-how of the staff.

"With the transaction, the group reaffirms its commitment to consolidate its presence in Australia, the group's second largest market," the former Salini Impregilo explained.

In December, Webuild reached an agreement with Clough's Deloitte Administrators that includes the purchase of a base perimeter consisting of Clough's central organization in Australia-with offices, brands, credentials, qualifications, senior management, head office staff, etc... - and stakes in the Snowy 2.0 and Inland Rail projects.

The agreement included the possibility of expanding the scope to additional projects if certain conditions were met to ensure value creation for the group.

Webuild-along with Deloitte and Clough's senior management-has now concluded preliminary negotiations with several key stakeholders to expand the scope of the deal to include additional projects that will benefit from new contract terms. Webuild and Clough Administrators will continue to work with interested parties in the coming weeks to finalize contractual agreements and meet practice conditions for completion of the acquisition.

Webuild is down 1.8 percent to EUR1.68 per share.

By Maurizio Carta, Alliance News reporter

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