September 29, 2017 / 10:19 AM / 2 years ago

A2A says court annuls ruling to seize its stake in Montenegro's EPCG

FILE PHOTO: A2A Energy company logo is seen on coach downtown Milan, Italy, April 27, 2016. REUTERS/Stefano Rellandini

MILAN (Reuters) - Italy’s biggest regional utility A2A (A2.MI) said on Friday a court in Montenegro had annulled a decision to seize its stake in power utility Elektroprivreda Crne Gore (EPCG) EPCG.MOT.

In July a Podgorica-based court, after a special state prosecutor’s office request, had ordered a precautionary seizure of A2A’s stake in EPCG.

“The seizure has been wholly revoked by the High Court,” A2A said in a statement.

A2A, controlled by the cities of Milan and Brescia, spent around 436 million euros (384.79 million pounds) on buying a 43.7 percent holding in EPCG, which it has since cut to 41.7 percent.

In May it hired investment bank Rothschild to advise on sale of the stake.

Although it has a minority stake, A2A jointly manages EPCG.

Montenegro’s government, which owns the rest of EPCG, has in the past complained about a low level of investment by A2A.

Reporting by Stephen Jewkes

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