Italy's Ascopiave seeks to expand via M&A in gas distribution
By Giancarlo Navach
MILAN, Sept 26 (Reuters) -Italian regional utility Ascopiave ASCI.MI is aiming to grow further in the gas distribution market and is ready to bid for assets that Italgas IG.MI, Europe's biggest gas distributor, may be forced to sell on antitrust grounds if its acquisition of main domestic rival 2i Rete Gas goes through.
For now, Ascopiave, which is based in north-east Italy, has entered into exclusive negotiations with fellow utility A2A A2.MI to take over assets in gas. It will finance the deal with the sale of the remaining 25 percent of its Estenergy joint venture with Hera HRA.MI.
"Our policy is to continue to invest in gas distribution and we have entered in an exclusive agreement with A2A for the acquisition of 490,000 gas distribution points located in areas between Brescia, Bergamo, Pavia, and Cremona," Chairman and CEO Nicola Cecconato told Reuters.
To finance the acquisition of these assets, Ascopiave will exercise the put option in favour of Hera HRA.MI on the last 25 percent still held in Estenergy and the 3 percent in Hera Comm.
"The moment we are certain that the transaction with A2A will go through, we will exercise the put option to finance most of the operation, thus sanctioning the exit from the gas and power sales sector," Cecconato added.
Those two operations could raise a total of around 300 million euros.
Consistent with its growth strategy in the gas distribution sector, Ascopiave is looking closely at the planned merger deal between Italgas and 2i Rete Gas.
According to press reports, a binding offer from Italgas is expected in the coming weeks. Should the deal go through, the merger will lead to the creation of a group with a market share of around 55 percent in Italian gas distribution.
The size of the deal is likely to trigger remedies imposed by the Antitrust Authority, which could result in Italgas divesting some assets. Hence the potential interest of Ascopiave in taking over these assets, particularly the local ones.
"We do not exclude that if there will remedies to be taken in the Italgas-2i Rete Gas deal, we could also consider taking them over if they interest us. We are thinking of assets located in areas close to where we are," Cecconnato said.
Reporting by Giancarlo Navach
Editing by Keith Weir
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