Alerion shares soar as Italian owner gears up to find new investor

Alerion Clean Power

28/12/2021 12:39

MILAN, Dec 28 (Reuters) - Shares in Alerion  ARN.MI  hit a
record high on Tuesday, rising as much as 5.6%, as the
controlling family prepares to look for an investor in the
Italian renewable energy firm.
    The decision mirrors a similar move by Falck Renewables
 FKR.MI  earlier this year, whose top investor the Falck family
agreed to sell its controlling stake to a JPMorgan-advised
 JPM.N  infrastructure fund for 1.5 billion euros ($1.7
billion).  urn:newsml:reuters.com:*:nL8N2RG1UT
    Daily Il Sole 24 Ore reported on Tuesday adviser Rothschild
had already contacted potential investors in Alerion and would
intensify its search from January.
    A person familiar with the process confirmed Rothschild
would kick off the search next month. It was not immediately
possible to reach Alerion for comment.
    Italy's Gostner family could sell up to 49% of a new vehicle
holding its 88% stake in Alerion, equivalent to 43% of the
listed group, Il Sole said.
    Based on the company's current market value of 1.5 billion
euros, a 43% stake would be worth 647 million euros.
    Alerion said in November it would look for a partner, either
industrial or financial, to help it fund investments in coming
years - and shelved plans for a capital increase. 
    A Milan-based trader said the share gains were driven by
speculation that the stake sale would then trigger a mandatory
buyout on the remaining shares, as happened with Falck
Renewables.
    Alerion shares were among the top gainers on Milan's
all-share index  .FTITLMS , up 5.1% by 1220 GMT.
    They have gained 180% since the beginning of this year,
supported by strong investor interest in the renewable energy
sector which is set to benefit from post-pandemic European Union
recovery funds. ($1 = 0.8826 euros)

 (Reporting by Giancarlo Navach and Valentina Za; Editing by
Emelia Sithole-Matarise)
 ((giancarlo.navach@thomsonreuters.com; +39 0266129518))