MILAN (Reuters) – Cdp Reti, Italgas’ main shareholder, looks favorably on the possibility of the 100% acquisition of 2i Rete Gas taking place and is willing to evaluate “forms of support” for the deal.
This is stated in a note which contains the contents of a letter from Cdp Reti.
Italgas announced in recent days exclusive negotiations with the shareholders of 2i Rete Gas for the start of due diligence in view of a binding offer for 100% of the competitor.
In the event of a binding agreement, Italgas will meet the related financial needs through recourse to a ‘bridge’ loan, guaranteed by JP Morgan, the refinancing of which may take place through a combination of equity, debt or ‘equity like’ instruments, with the objective of maintaining the current rating profile.
The day after the announcement, the stock had fallen on the stock exchange due to fears that Italgas could also resort to a capital increase to finance the operation, the value of which is estimated by analysts at 4-5 billion euros.
Cdp Reti “taking into account the strategic nature of the infrastructure and energy sectors, looks favorably at the possibility that the operation could materialize, recognizing its potential industrial value”, we read in the letter.
“In this perspective, as shareholders, we are available to evaluate forms of support for the implementation of the potential operation, once we have acquired the information necessary to verify the existence of the conditions for our intervention” and “in any case subject to the resolutions of the competent corporate bodies”, continues Cdp Reti.
Full press release
(Gianluca Semeraro, editing Francesca Piscioneri)
