Webuild pares some losses after it denies media report of cash support need
BUZZ-Webuild pares some losses after it denies media report of cash support need Updates shares, adds comment from company in byllets 3 and 4
** Shares in Webuild WBD.MI slip 6.3%, paring earlier losses, after the company denied a local media report that it had reached out to the Italian govt for financial support tied to major infrastructure projects in the country
** Local daily Il Fatto Quotidiano reported Webuild CEO Pietro Salini expressed in a letter to the govt an immediate €2.1 billion cash need and around €22 billion in claims, of which €13 billion related to costs already incurred by the group
** Webuild says the report is "completely unfounded" in a statement on its website
** "The communications sent to the relevant authorities... relate to contractual obligations that have already fallen due: receivables for work carried out and certified, and contractual advance payments provided for by law," the company says
** The stock initially slumped as much as 9.1% before the company's response to the news
($1 = 0.8593 euros)
(Reporting by Enrico Sciacovelli)