May 22, 2019 / 2:03 PM / 6 months ago

Italy's Iren interested in Ascopiave and Sorgenia assets - CEO

REGGIO EMILIA, Italy, May 22 (Reuters) - Italian utility Iren is interested in acquiring assets put up for sale by smaller peer Ascopiave and energy company Sorgenia, its chief executive said on Wednesday.

Ascopiave, one of Italy’s biggest gas distributors, is looking to sell a majority stake in its portfolio of more than 700,000 clients as it seeks to focus on its gas distribution network business in the north east of Italy, for which it is also seeking a partner.

Speaking on the sidelines of the company’s shareholder meeting, Massimiliano Bianco said Iren had presented a non-binding bid revolving around Ascopiave’a retail and gas distribution assets.

Sorgenia, owned by a series of banks, is contacting investors to gauge interest for its power generation and retail client assets.

Sources have previously said the deal could be worth more than 600 million euros ($670 million).

“These are two major operations, but in the meantime we continue with our strategy of small and medium acquisitions in our own area,” Bianco said. ($1 = 0.8957 euros) (Reporting by Giancarlo Navach, editing by Stephen Jewkes and Kirsten Donovan)

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