Refile: TCC reassures Italy over its delisting of energy storage firm NHOA

Nhoa SA

05/07/2024 15:07

(Fixes typo in last paragraph)
       ROME, July 5 (Reuters) - Taiwan Cement Corp (TCC)
intends to strengthen the presence of Italian energy storage
company NHOA  NHOA.PA  in Italy after taking it private, the
group said on Friday, responding to concerns raised by the Rome
government.
    TCC fell under Italian government scrutiny after it
announced a buyout offer for Paris-listed NHOA, in which it
currently owns almost 90%, Reuters reported on Wednesday.
    Two sources close to the matter told Reuters Prime Minister
Giorgia Meloni's office wanted to check whether TCC plans an
overhaul of NHOA's management lines or move its strategic
activities abroad.
    TCC, "confirms its firm will to strengthen NHOA's presence
and growth capacity in Italy," the Taiwan-based company said in
a statement.  
    De-listing from the Paris market is part of a plan "to fully
realize NHOA's potential and human capital in Italy without the
pressures of short-term movements in the capital markets," it
added. 
    So-called golden power legislation gives Rome the right to
block or set conditions on companies operating in sectors deemed
as strategic.
    Once known as Engie EPS, NHOA is a leader in the battery
storage sector and also has a partnership with car maker
Stellantis  STLAM.MI  through their joint venture Free2move
eSolutions.
    TCC took control of the company in 2021 after securing a
green light from the Italian authorities but the government of
the time, led by former Prime Minister Mario Draghi, ruled that
the Taiwan-based group should notify the cabinet of any changes.

 (Reporting by Giuseppe Fonte, writing by Giulia Segreti,
editing by Gavin Jones and Anil D'Silva)
 ((Giulia.Segreti@tr.com; +39.06.80307714;))