A twist in the Como municipal council, where during the night – Radiocor reports – the motion for the transfer of 8,25% of Acsm-Agam to A2A was rejected by just one vote. The vote in the council ended in perfect parity (16-16) with five members of the majority who voted against. The project, as illustrated by the Como councilor for the investee companies Savina Marelli before the vote, envisaged the launch of a takeover bid (public purchase and exchange offer) by A2A on Acsm-Agam with the Municipalities of Como and Monza, today respectively holders of the 24,8% and 27,1%, which undertook to sell 8,25% and 7,7% respectively to the multi-utility headed by Giovanni Valotti as part of the Offer. However, the transaction between the Municipalities and A2A would have been bound to the attainment of at least 51% of the share capital, following the Offer, by A2A itself, which today already holds 23,9%.
In the partnership project, the governance envisaged a managing director expressed by A2A and the president and vice president appointed by the local authorities, who would also have guarantees on the resolutions for the more sensitive matters. Among the advantages of strengthening the partnership, the councilor for the investees had cited "operational efficiencies, better access to credit" and the fact that Acsm would continue to grow "bringing more dividends" and becoming A2A's "privileged vehicle for the development of some businesses in the reference area”.
And the price of the takeover bid? In this regard, the TUF (Consolidated Law on Finance) underlines that it must be "not lower than the highest paid by the bidder, in the 12 months prior to the communication, for the same category of securities" or - if no purchases have been made - it must be the weighted average stock market price of the last 12 months was used. The latter is equal to approximately 1,44 euros but in December A2A took over 2% of Acsm-Agam from the Municipality of Monza for 1,6 euros. Now, however, with the stop by the Como city council, the entire operation is at risk.
On the Stock Exchange Acsm-Agam is down sharply and drops 4,15% to 1,57 euros, while A2A is flat (-0,17%) to 1,20 euros.
