The new Multiutility of Lombardy is born. Last night three decisive votes were held for the union of Acsm-Agam, utilities of Como and Monza, Aevv (Valtellina and Valchiavenna), Lario Reti Holding (Lecco and Province) and Aspem Varese. All under the direction of A2A as an industrial partner.
After the green light arrived in recent weeks from Sondrio, the municipal councils of Lecco and Mandello del Lario (first and second shareholder of Lario Reti Holding respectively), and Monza and Como, also they are strong shareholders of the listed Acsm-Agam together with A2A, which owns a 23,9% stake. Now, between now and December 22nd, the green light is expected for Varese and then for other minor municipalities in the Lariano area.
Further steps are expected between January and February at the corporate level (BoD and shareholders' meetings) and at the political level (definitive ok from the municipal councils) to definitively close the aggregation.
The ok from the Como City Council was eagerly awaited, which arrived around 2 last night. Only a year and a half ago, albeit with another majority, the same Council had in fact blocked the hypothesis of a simple aggregation with A2A, splitting it exactly in half: yesterday out of 26 present there were instead 21 in favour, i.e. majority and Pd . The project also passed with large majorities in Monza, Mandello and Lecco.
In summary: a great deal of political sharing of the operation, which will now see the passage in the Boards of the companies concerned in January and in February in the assemblies and again in the municipal councils for the final go-ahead.
The final result will be that all the provinces of Lombardy will be put online (with the exception of Mantua) under the direction of A2A. In the new Acsm-Agam, public shareholders will have a share of just over 50% and A2A - which will consolidate debt and margins - around 40%. The closing of the operation is expected by the end of the first half year.
