This is a bit off the beaten FT Alphaville track. But it’s irresistible…
Impregilo, Italy’s largest construction company, has been banned from bidding for public waste management contracts for a year. The move follows a fraud investigation. While the company denies any wrong doing, a payment of €750m to the company related to work on an incinerator has been blocked, according to Thomson Financial (via Forbes).
Shares in Impregilo plunged 14 per cent on Thursday before being suspended. Trading resumed later in the morning, whereupon the price fell 16 per cent.
The company is based in Naples.