May 13, 2020 / 9:01 AM / 21 days ago

Enel to focus acquisition strategy on grids, services

FILE PHOTO: A logo of Italian multinational energy company Enel is seen at the Milan's headquarter, Italy, February 5, 2020. REUTERS/Flavio Lo Scalzo/File Photo

MILAN (Reuters) - Italy’s biggest utility Enel (ENEI.MI) said its acquisitions strategy in coming years would be focused on buying distribution businesses and assets to help grow energy e-service unit Enel X.

Replying to investor questions ahead of the group’s shareholder meeting on Thursday, the company said it would also be looking at buying back minorities in companies it controlled.

Europe’s largest utility said its disposal plans would be centered on the sale of conventional power plans as well as on possible selected renewable energy assets.

In reply to questions on broadband operator Open Fiber, Enel said it was open to value creation opportunities if they met Italian and European antitrust criteria.

Enel jointly controls Open Fiber with state lender CDP.

Reporting by Stephen Jewkes; editing by Agnieszka Flak

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