MILAN (Thomson Financial) - AEM SpA and ASM Brescia SpA said their merger
has been cleared by the Italian antitrust authority, subject to commitments
taken by the two companies to neutralise links between ASM and Endesa Italia, of
which ASM owns 20 pct and Spain's Endesa SA the remaining 80 pct.
AEM and ASM's merger will become effective Jan 1, 2008 to form A2A.
Under these commitments, the two Endesa Italia board members representing
ASM will have to be replaced with independent directors by Dec 31.
The three Ergon Energia board members representing A2A will have to be
replaced by independent directors by the end of 2008, it said. Ergon Energia,
which sells electricity produced by Endesa Italia, is equally owned by ASM and
Endesa Italia.
A2A will also have to make sure that operations at Ergosud SpA will be
carried out autonomously by ASM and Endesa starting from early 2009. Ergosud,
which will build a turobogas plant in Scandale, in Calabria, is equally owned by
ASM and Endesa Europa SL.
Endesa has recently been acquired by Enel SpA and Acciona SA.
danilo.masoni@thomson.com
dm/jfr
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