MILAN (Thomson Financial) - A2A SpA is close to acquiring local utility
Aspem Varese in an all-share deal which will value the Varese utility at around
50 million euros, a source close to the deal said.
"It will probably be through a share swap though the final details have not
yet been worked out," the source said.
He said A2A management is meeting Wednesday with the public owners of Aspem
Varese.
The utility is controlled by the city municipality of Varese.
Some press reports have said A2A could buy 90 percent of Aspem Varese
capital.
A2A chairman Giuliano Zuccoli said at the beginning of April that his group
made an offer for Aspem Varese.
On that occasion, Zuccoli said that in Lombardy and the north of Italy A2A's
federative business model will allow the group to grow by integrating other
local utilities.
Ascopiave SpA and Linea Group Holding have also expressed interest in tying
up with Aspem Varese.
According to press reports, the mayor of Varese has already expressed his
preference for A2A.
stephen.jewkes@thomsonreuters.com
sj/sal
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