Italy regional utility tie-up approval triggers A2A bid on ACSM-AGAM
16/05/2018 16:06
MILAN, May 16 (Reuters) - A six-way merger of local Italian
utilities got its final go ahead on Wednesday in a deal that
will involve A2A A2.MI launching a takeover bid on smaller
peer ACSM-AGAM ACAG.MI .
The tie-up plan envisages several utilities being rolled
into ACSM-AGAM, with regional utility A2A holding 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.
Since a minimum threshold of minority shareholders at
ACSM-AGAM was not reached at the vote on Wednesday, A2A and
Lario Reti Holding will have to launch a mandatory bid on all
ACSM-AGAM shares at 2.47 euros per share.
(Reporting by Giancarlo Navach, writing by Stephen Jewkes)
((stephen.jewkes@thomsonreuters.com; +39.0266129695; Reuters
Messaging: stephen.jewkes.thomsonreuters.com@reuters.net))