(Updating with more comments from Mangoni)
MILAN (Thomson Financial) - Acea SpA CEO Andrea Mangoni said the Rome-based
utility is not interested in taking part in any consolidation process that
involves tying up with three or four companies.
"Our position is simple, we don't believe in operations such as 3- or 4-way
tie-ups," Mangoni said, speaking in a conference call with analysts.
Mangoni said that Hera SpA would be a good hypothetical partner but added
that if Hera wanted a 3-way tie up with other utilities Acea is not interested.
Hera is currently talking with Iride SpA and Enia SpA over possible
integration.
He said that the election of a new mayor in Rome is not a problem for Acea's
consolidation strategy, reiterating that the problem is that a 2-, 3- or 4-way
tie up with other local utilities is not possible.
"We could consider a tie-up with one company and with one company that has a
similar strategy and business portfolio," he said.
Asked about reports that Acea is interested in linking up with A2A SpA, the
CEO said that A2A has a completely different strategy to Acea.
"A possible merger between Acea and A2A would not make sense," he said.
Mangoni said Acea has other options on the integration front but declined to
make any comment on talks with Gaz de France for a joint venture in gas.
Acea is a partner of Suez which is slated to merge with Gaz de France.
Mangoni said the focus of Acea remains in the regulated business of water
and power-gas distribution.
Asked if Acea could be interested in buying the gas distribution assets that
Enel SpA is considering putting up for sale, the CEO said the company is
"evaluating the main characteristics of the asset."
He noted the top management's mandate expires in April 2010. "My aim is
staying in Acea till April 2010," he said, adding he sees no relevant problems
regarding the relationship with the new mayor.
Recent press reports have said the new mayor could consider changing top
management at Acea.
The city of Rome owns 51 percent of Acea.
stephen.jewkes@thomsonreuters.com
sj/jfr/sj/jfr
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