Italian energy storage company NHOA under govt scrutiny after Taiwan bid, sources say

Nhoa SA

03/07/2024 15:21

By Giuseppe Fonte
       ROME, July 3 (Reuters) - Italian energy storage company
NHOA  NHOA.PA  is under government scrutiny after its leading
shareholder Taiwan Cement Corp (TCC) announced a buyout offer to
take the Paris-listed company private, two sources close to the
matter told Reuters.
    So-called "golden powers" legislation gives Italy's
government the right to block or set conditions on foreign and
domestic forays, as well as governance changes involving
companies that operate in strategic sectors such as energy,
telecoms and banking.
    Prime Minister Giorgia Meloni's office wants to check
whether TCC plans an overhaul of NHOA's management lines or move
its strategic activities abroad, once the company is no longer
listed on the French stock exchange, the sources said asking not
to be named.
    A spokesperson for NHOA declined to comment, while TCC
representatives were not immediately available for comment.
    Formerly known as Engie EPS, NHOA says on its website it has
positioned itself at the forefront of the battery storage
sector, focusing on technological innovation and leadership in
sustainable energy.
    The company has also a partnership with car maker Stellantis
 STLAM.MI  through their joint venture Free2move eSolutions.
    Last month NHOA said it had been informed of TCC's intention
to file a simplified tender offer at a price of 1.1 euros per
share. TCC said private ownership would enable NHOA to more
efficiently implement long-term strategies without the pressures
of financial market expectations.
    NHOA shares were flat on Wednesday at 1.08 euros, far below
an all-time record of 2.9 euros reached in July 2023.
    TCC, which currently owns almost 90% of NHOA, took control
of the company in 2021 after securing the green light from the
Italian authorities.
    At the time, the government of former Prime Minister Mario
Draghi ruled that the Taiwan group should notify the cabinet
office of any operation entailing the relocation of NHOA's
activities or governance changes, under a decree seen by Reuters
and dated July 13, 2021.
    One of the sources said on Wednesday TCC had notified the
government about its bid as well as unspecified plans to review
the company's governance.

 (Additional reporting by Giancarlo Navach in Milan; Editing by
David Holmes)
 ((giuseppe.fonte@thomsonreuters.com; +390680307711;))