Italian local utilities approve six-way merger (updated)

Acinque SpA

24/01/2018 09:01

(Recasts with details) 
    MILAN, Jan 24 (Reuters) - Six local Italian utilities have 
approved a long-awaited merger plan to create a group with more 
than 400 million euros ($493 million) in revenue rooted in the 
northern Lombardy region. 
    Under the plan, several companies will be merged into 
ACSM-AGAM  ACAG.MI , and Italy's biggest regional utility, A2A 
 A2.MI , will hold 38.9 percent of the merged group. 
    A2A, controlled by the cities of Milan and Brescia, already 
holds 23.9 percent of ACSM-AGAM, whose other main shareholders 
are the towns of Como and Monza. A2A is contributing two of its 
businesses to the merger. 
    The merged group will cover the northern province of 
Lombardy, one of Italy's most populous and wealthiest regions. 
    If successful, the deal would trigger a mandatory buyout 
offer on all ACSM-AGAM shares unless the merger is approved by 
shareholders without opposition by minority investors under a 
so-called 'whitewash' waiver to exempt them from the obligation. 
    If the obligation is not waived, a buyout offer will be 
launched at 2.47 euros for every ACSM-AGAM share. 
    By 0809 GMT shares in ACSM-AGAM rose 1.25 percent to 2.43 
euros. ($1 = 0.8120 euros) 
 
 (Reporting by Valentina Za; Editing by Subhranshu Sahu and 
Louise Heavens) 
 ((valentina.za@thomsonreuters.com; +39 02 6612 9526;)) 
 
Keywords: ITALY UTILITIES/M&A