BOLOGNA, Italy (Thomson Financial) - Hera SpA's core shareholders said they
have given a mandate to the company's management to explore mergers with other
publicly-owned multiutilities in Italy.
"The aim is to become the biggest multiutility in Italy," said Hera
shareholder pact president Sergio Cofferati after the pact meeting.
Last year, the shareholder pact gave a more specific mandate to management
to explore the possibility of a merger with Iride SpA and/or Acea SpA.
"We want to put together all those groups open to integration that have a
similar profile to our's," Cofferati said.
The Hera management must report back to the group's board on the outcome of
its analysis of merger opportunities within a month, the pact said.
The public shareholders in Hera own around 59 pct of the multiutility while
the pact controls around 55 pct.
Hera's biggest shareholder is the Bologna city government, which owns around
15.0 pct, followed by nearby Modena with 13.7 pct, Imola with 5.3, Ravenna with
4.8, and Rimini 2.4.
stephen.jewkes.tutt@thomson.com
sj/nt/sal
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