Italian energy storage company NHOA under govt scrutiny after Taiwan bid, sources say
By Giuseppe Fonte
ROME, July 3 (Reuters) -Italian energy storage company NHOA NHOA.PA is under government scrutiny after its leading shareholder Taiwan Cement Corp (TCC) announced a buyout offer to take the Paris-listed company private, two sources close to the matter told Reuters.
So-called "golden powers" legislation gives Italy's government the right to block or set conditions on foreign and domestic forays, as well as governance changes involving companies that operate in strategic sectors such as energy, telecoms and banking.
Prime Minister Giorgia Meloni's office wants to check whether TCC plans an overhaul of NHOA's management lines or move its strategic activities abroad, once the company is no longer listed on the French stock exchange, the sources said asking not to be named.
A spokesperson for NHOA declined to comment, while TCC representatives were not immediately available for comment.
Formerly known as Engie EPS, NHOA says on its website it has positioned itself at the forefront of the battery storage sector, focusing on technological innovation and leadership in sustainable energy.
The company has also a partnership with car maker Stellantis STLAM.MI through their joint venture Free2move eSolutions.
Last month NHOA said it had been informed of TCC's intention to file a simplified tender offer at a price of 1.1 euros per share. TCC said private ownership would enable NHOA to more efficiently implement long-term strategies without the pressures of financial market expectations.
NHOA shares were flat on Wednesday at 1.08 euros, far below an all-time record of 2.9 euros reached in July 2023.
TCC, which currently owns almost 90% of NHOA, took control of the company in 2021 after securing the green light from the Italian authorities.
At the time, the government of former Prime Minister Mario Draghi ruled that the Taiwan group should notify the cabinet office of any operation entailing the relocation of NHOA's activities or governance changes, under a decree seen by Reuters and dated July 13, 2021.
One of the sources said on Wednesday TCC had notified the government about its bid as well as unspecified plans to review the company's governance.
Additional reporting by Giancarlo Navach in Milan; Editing by David Holmes
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