May 12, 2020 / 3:33 PM / 16 days ago

A2A never considered tie-up with Iren, but something to be explored

MILANO (Reuters) - Italy’s regional utility A2A (A2.MI) has never considered a tie-up with northern rival utility Iren (IREE.MI) but it is something that needs to be explored in future, Chairman Giovanni Valotti said on Tuesday.

“The mandate given to this board was to proceed with M&A activity in the Lombardy region or with medium or medium-large companies, which is why a dossier on Iren had never been opened,” Valotti said in his last press conference ahead of Wednesday’s shareholder meeting that will nominate a new board.

The municipalities of Milan and Brescia, which together hold 50% of A2A’s capital, have indicated Marco Patuano, the former boss of Telecom Italia (TLIT.MI), as the Italian utility’s new chairman and Renato Mazzoncini, former head of state railway group Ferrovie dello Stato, for the role of chief executive.

Reporting by Giancarlo Navach; editing by Agnieszka Flak

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