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UPDATE 1-Alpiq pulls sale of A2A stake -source
March 1, 2012 / 1:11 PM / 6 years ago

UPDATE 1-Alpiq pulls sale of A2A stake -source

* Placement pulled for market conditions -source

* UBS was seeking to place at 0.718 euros -source (Releads, adds source on placement pulled)

MILAN, March 1 (Reuters) - Swiss energy firm Alpiq has given up trying to sell a 5 percent stake in Italian regional utility A2A due to adverse market conditions, sources close to the matter said on Thursday.

Earlier on Thursday traders had said Alpiq was selling its 5 percent stake in A2A through an accelerated book building process to raise cash.

“The whole block has been pulled because of market conditions,” one of the sources said.

A Milan fund manager said Swiss bank UBS was seeking to place the stake at a price of around 0.718 euros but was having trouble placing the stake with clients at that price.

Shares in A2A, which had fallen to a low of 0.705 euros in morning trade, were down 3.5 percent at 1240 GMT at 0.728 euros.

In June 2010 A2A sold the whole of its stake in Alpiq. (Reporting by Giancarlo Navach and Stephen Jewkes; Editing by Will Waterman)

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