Italian local utilities approve six-way merger

Acinque SpA

24/01/2018 06:18

MILAN, Jan 24 (Reuters) - Six local Italian utilities have 
approved a long-mooted merger plan to create a group with more 
than 400 million euros ($493 million) in revenues rooted in the 
northern Lombardy region. 
    Under the plan, several companies will be merged into 
ACSM-AGAM  ACAG.MI , and regional champion A2A  A2.MI  - which 
is contributing two of its units to the merger - will hold 38.9 
percent of the merged group. 
    A2A will offer to buy out other shareholders in ACSM-AGAM at 
2.47 euros a share unless minority shareholders in the group 
approve the scrapping of the mandatory bid. Shares in ACSM-AGAM 
closed on Tuesday at 2.40 euros a share. 
     
 
($1 = 0.8120 euros) 
 
 (Reporting by Valentina Za; Editing by Subhranshu Sahu) 
 ((valentina.za@thomsonreuters.com; +39 02 6612 9526;)) 
 
Keywords: ITALY UTILITIES/M&A