Caltagirone gives way to Suez, Acea: the French become the first private shareholders – The Republic

MILAN – Caltagirone gives way to Suez in the French capital of ACEA (the title), the service society environmental controlled by the Municipality of Rome. The French group specializing in waste and water management has announced that it intends to increase its presence in company Italian, from the current 12.5% ​​to 23.3% by purchasing shares from Caltagirone group, holds 15.8% of Acea.

in the note detailing the performance of semi-annual accounts, the transalpine company explains that the transaction should take place through the issuance of new shares Suez, which could represent 3.5% of the share capital of the French company, which at this point will increase the Italian entrepreneur. Under these conditions, the transaction value would be 293 million euro; to that, the company adds to be engaged in talks on a long-term industrial cooperation with Caltagirone. The entrepreneur would come therefore as a stable shareholder in Suez: in exchange for the sale of 10.8% of Acea will be a major shareholder of the French company in the energy behind the big Engie (formerly Gaz de France, which It has a share of 33.6%) and Spain’s Caixa (5.7%). Suez has a market capitalization of approximately three times that of Acea.

The deal would project instead of French as the first private partner Acea, behind the municipality that has the absolute majority. According to a number of Suez, Jean-Louis Chaussade, the operation of ACEA would be one of the steps in the direction of a development towards Italy and Spain. As reported by Reuters , the manager stressed that “Rome has big problems with waste treatment and a group like ours can be of help.” Websim According to analysts, the near doubling of the Suez stake in Acea is a “positive news that highlights the value of a long-term shareholder and industrial partner. Based on the reported numbers, Acea shares would be valued 12 euro”. Websim confirms its neutral recommendation on Acea with a target price of EUR 14.5.

The company has for more communicated their data on the first half today, with a net profit jumped to a step 150 million (+ 50%).

Inside Acea, at the time of the junta Marino, Caltagirone and the French found themselves side by side in the battle to avoid reducing the number of councilors Management wanted by Roma Capitale, while a few years ago between the two parties was talk of a possible takeover, but reversed mesh: with Caltagirone recognizing its share that the French seemed about to be divested. The company has recently returned to the spotlight when the then candidate for mayor Virginia Raggi said clearly its intention to change the Acea summits, with effects on the share price and the manifest resentment of the shareholders themselves. The Equita analysts note today that actually approve tariffs for water by the conference chaired by the mayor Rays took place on the basis of existing regulatory mechanisms and respecting the economic interests of all shareholders: for the Milan Sim is “a very positive decision for ACEA, which reduces the regulatory risks in the context of water management, a sector that accounts for about 43%” of the margins of the group and with it reduces the uncertainty related to elections .

the ads have arrived along with the half-year, with profits of Suez increased by 23.7% to 174 million and revenues exceeded expectations at 7.45 billion. Acea, recently calculated the Mediobanca research department in a report dedicated to the subsidiaries by the local authorities, has accumulated net results between 2010 and 2014 of 560 million euro,

Topics:

Suez

acea

caltagirone

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