A2A bid to take over ACSM-AGAM runs into trouble
A2A, the listed Italian utility, has run into difficulties in its takeover bid for locally listed utility ACSM-AGAM, Italian language daily Il Sole 24 Ore reported. The unsourced report said the takeover offer is partly dependent on A2A acquiring an 8.25% stake from Como city council. However, the item said that the council has refused to approve the sale.
The report said that A2A, which owns 21.9% of ACSM-AGAM, was looking to build up its stake to 40% by acquiring Como city council's holding plus a 9% stake from Monza city council. The report said that A2A would then launch a mixed cash and share public offer for the remainder of the company.
The report said, while the refusal of Como to sell its stake causes difficulties for A2A's plans, it does not mark an end to the takeover bid and that further developments are likely on the matter.
ACSM-AGAM has a market cap of EUR 121m.
Il Sole 24 Ore