Taiwan's TCC gets Italian nod to take energy storage firm NHOA private

Nhoa SA

06/09/2024 16:39

By Giuseppe Fonte
       ROME, Sept 6 (Reuters) - Taiwan-based TCC Group Holdings
said on Friday it had secured Italian government approval for
plans to take energy storage company NHOA  NHOA.PA  private.
    Italy's government has 'golden powers' to block or set
conditions on foreign and domestic takeovers, as well as
governance changes involving companies that operate in strategic
sectors such as energy, telecoms and banking.
    "The project by TCC Group Holdings guarantees the
implementation of the company's industrial programs, given also
NHOA's national strategic interest," the company said.
    "The Golden Power Committee noted that the transaction does
not involve any change in NHOA's control and management
situation," TCC added in a statement.
    A source familiar with the matter told Reuters that the
decision had been taken by the Italian cabinet on Sept. 4.
    TCC announced in June a simplified tender offer at 1.1 euros
($1.22) per share, which it raised to 1.25 euros, to buy out and
de-list NHOA, saying that private ownership would enable the
Paris-listed group to more efficiently implement long-term
strategies without the pressures of financial market
expectations.
    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. It also has a partnership with carmaker
Stellantis  STLAM.MI .
    TCC, which owns almost 90% of NHOA, took control of it in
2021 after securing a green light from Italian authorities. 
    Sources told Reuters in July that Italian Prime Minister
Giorgia Meloni's office wanted to check if TCC was planning to
overhaul NHOA's management or move strategic activities abroad.
    TCC reacted to the news by saying it wanted to strengthen
NHOA's presence in Italy.
    "TCC Group Holdings ... will comply with the instructions
received from the Italian government regarding reporting and
notification obligations and provide the monitoring authority
with an annual report on compliance with its commitments," the
company said on Friday.
($1 = 0.9005 euros)

 (Reporting by Giuseppe Fonte; Editing by Alexander Smith)
 ((giuseppe.fonte@thomsonreuters.com; +390680307711;))