There is the hypothesis of a sale on the market of 5% of A2A by the Municipalities of Milan and Brescia, which currently control 55% of the multi-utility with equal shares. According to Radiocor, the idea will be examined in tomorrow's planned meeting between mayors Giuliano Pisapia and Emilio Del Bono, who will also have to take stock of the streamlining of governance.
The possible placement of the share package would be a Brescia-based proposal with the aim of collecting a large sum (100 million overall according to today's Stock Exchange prices) intended to alleviate the difficulties of the administrations' budgets. The operation would see the two Municipalities, currently linked by a syndicate pact, transfer equal shareholdings while maintaining 50% plus one share and therefore control of the group.
However, this solution is not the only one on the table of the large A2A shareholders to plug the leaks in the municipal budgets: on the Milanese side, there are those who underline, as an alternative, the possibility of detaching a more substantial 2013 dividend compared to the last two years. A scenario which however could jeopardize the virtuous path of debt reduction (envisaged in the business plan), which has been reduced by almost 1 billion in the last 12 months. The meeting between the mayors will also have governance reform on the agenda, even if the elimination of the dual seems less and less likely. More plausible, however, is a strong streamlining of the two boards of directors.
