TURIN (Reuters) – No comment from the CEO of Italgas (BIT:) on the press rumors according to which the company has presented a preliminary offer to take over control of 2i Rete gas, controlled by the F2i fund and participated by Ardian and Apg.
“I don’t comment on these indiscretions”, the Italgas number one said several times when questioned by journalists at the end of the shareholders’ meeting.
When asked whether a possible acquisition of his rival in the gas distribution sector could lead to antitrust problems, Gallo limited himself to saying: “I don’t ask myself the problem”.
According to an article in the Corriere della sera at the beginning of April, Italgas’ offer would value 2i Rete Gas at 4-5 billion euros.
The shareholders of 2i Rete Gas are working towards the listing of the company on the stock exchange, through a placement of approximately 600 million shares, for a valuation of the entire company of approximately 5 billion euros, one of the main IPOs of the last 12 months.
Italgas will present the update to the 2030 industrial plan on June 12th which also envisages growth through external lines through M&A.
“In the plan we have foreseen M&A in the fields of energy efficiency, water and gas distribution. These are small operators and we are working on them. At the moment there is nothing concrete or particularly advanced”, added the manager.
Finally, Gallo says no to the idea of resorting to a buyback plan to support the shares. “The stock suffers from a lack of liquidity and making a buyback means making it worse. We have investment opportunities, including in the water sector, and I believe that the resources we manage to generate from daily activity are better directed towards investments”, he concluded.
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(Giancarlo Navach, editing Andrea Mandalà)
