Done
MF reports that according to some sources the offer presented by Italgas for 100% of 2i Rete Gas would go well beyond Eu5bn and the parties would have given themselves around 60 days to reach an agreement.
Again according to MF, if the operation goes through from the first reconstructions it is possible that if the new entity passes the scrutiny of the Authority it may have to sell around 20-30% of the assets.
In terms of the shareholding structure, CDP could manage to put in – other sources say – up to Eu1bn.
Finally, according to MF Italgas would also have explored A2A’s potential interest in creating a partnership on gas networks, a dialogue which has now been interrupted.
Effect
Starting from a 2023 RAB of Eu4.9bn (Italgas estimates), a valuation well over Eu5.0bn would value 2i Rete Gas at multiples closer to those of It…
Sign up to Websim to continue reading
Don’t miss this opportunity, sign up to Websim and you will receive a 1 month trial of the Investment Pass. You can decide later whether to purchase one of our subscriptions or not.
SEE THE ITALGAS ANALYSIS
