September 29, 2017 / 10:19 AM / 5 months ago

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

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

    0 : 0
    • narrow-browser-and-phone
    • medium-browser-and-portrait-tablet
    • landscape-tablet
    • medium-wide-browser
    • wide-browser-and-larger
    • medium-browser-and-landscape-tablet
    • medium-wide-browser-and-larger
    • above-phone
    • portrait-tablet-and-above
    • above-portrait-tablet
    • landscape-tablet-and-above
    • landscape-tablet-and-medium-wide-browser
    • portrait-tablet-and-below
    • landscape-tablet-and-below