May 16, 2018 / 4:14 PM / 7 months ago

Italy regional utility tie-up approval triggers A2A bid on ACSM-AGAM

MILAN (Reuters) - A six-way merger of local Italian utilities got its final go ahead on Wednesday in a deal that will involve A2A (A2.MI) launching a takeover bid on smaller peer ACSM-AGAM (ACAG.MI).

The tie-up plan envisages several utilities being rolled into ACSM-AGAM, with regional utility A2A holding 38.9 percent of the merged group.

A2A, controlled by the cities of Milan and Brescia, already holds 23.9 percent of ACSM-AGAM, whose other main shareholders are the towns of Como and Monza.

Since a minimum threshold of minority shareholders at ACSM-AGAM was not reached at the vote on Wednesday, A2A and Lario Reti Holding will have to launch a mandatory bid on all ACSM-AGAM shares at 2.47 euros per share.

Reporting by Giancarlo Navach, writing by Stephen Jewkes

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