Oxy and Attestor in €22m turnaround deal for Ferroli

According to Italian publication Milano Finanza, the deal includes an additional €5.6m investment from the company's creditors, including Unicredit, Intesa Sanpaolo, Banco Popolare and Montepaschi.

Oxy and Attestor will wholly acquire the Verona-based business via the transaction, according to reports.

The firms anticipate it will require a total injection of €60m to rescue Ferroli, which was recently given until 7 October by local courts to restructure its debts. They are expected to provide a second investment of €12.5m by the end of September.

The company has debts amounting to €350m and generates a turnover of €400m, according to Milano Finanza.

Mediobanca is overseeing the deal.

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• Italy