A2A will acquire half of this participation from the Montenegrin Government and the other half by means of the underwriting of an increase in capital reserved for them.
The cost for this operation is reportedly about €192m, equal to €8.4 per share out of a total number of shares of 23m.
With the awarding of this quota, A2A, which at present owns 16% of stake in EPCG, will get a 34% stake in EPCG after the acquisition.
The terms of the contract signed also provide furthermore for the commitment of A2A to purchase at the same price of €8.4 per share the remaining shares owned by minor shareholders. If all minor shareholders sell their shares, A2A shall arrive at a holding of 45% of the capital of EPCG, with a further maximum payment equal to €115m, A2A said.
As agreed with the Government of Montenegro, it is also agreed that A2A shall assume the management of EPCG in a capacity of industrial partner. Once the fixed objectives of managerial performance have been reached, the contract allows for the passing to A2A of the majority share capital in 2015.
Renato Ravanelli, general manager of A2A, said: “This is for us a large operation which makes us proud and will give us much satisfaction – A2A today is no longer a national player but is now a protagonist in Europe. In particular, this acquisition will open a door for us to the East. The importance of this operation is shown as well by the presence of the Prime Minister of Montenegro Djukanovic, since EPCG is the largest industry in Montenegro”.
