After defining the alliance with Linea Group, A2A tightens on the second piece of the "Multiutility of the territories" project and aims to become the first shareholder of Acsm-Agam, the historic energy company of Monza and Como, of which it already holds 23,9, 8,25%. The operation of the company chaired by Giovanni Valotti hinges on the purchase of 24,8% of Acsm from the Municipality of Como, which currently owns XNUMX% of the capital.
The Como city council is called the day after tomorrow to give the go-ahead for the sale even if the outcome of the debate does not seem obvious at the moment. In the event of a green light, A2A will also simultaneously acquire around 9% of Acsm from the Municipality of Monza (another strong shareholder with 27,1% and from which 2% had already been bought in December).
In doing so, A2A would rise to just over 40% and, as already mentioned in recent days by Roberto Scanagatti, mayor of Monza and president of Anci Lombardia, would be called upon to launch an Offer - most likely mixed for both purchase and exchange (with shares A2A) - on the free float of Acsm (approximately 23%), against a total capitalization of the company equal to 121 million.
The offer has not yet been the subject of discussion by the A2A Board of Directors but, in fact, it is already discounted by Piazza Affari given that the Acsm share is at an all-time high and has recovered over 15% since the end of March. It is plausible that, once the operation is closed, A2A will define a new syndicate agreement with the Municipalities of Como and Monza, which protects the administrations on decisions concerning investments in the area. With regard to the indiscretions circulated, however, the company, at the request of Consob, specified Wednesday morning that “no decision has been made, nor have binding agreements been signed in this regard. In particular, the Company is currently evaluating possible transactions aimed at enhancing its shareholding in ACSM-AGAM SpA and, should a decision be taken in this regard, it will promptly inform the market".
A philosophy in line with what the president Giovanni Valotti reaffirmed several times on the Multiutility dei Territori: a model already used with Linea Group. "The public majority is not determined - the mayor of Monza Scanagatti declared in recent days - To carry out the projects, industrial partners are needed and A2A has no interest in incorporating us, rather in keeping the company operating in the new sectors".
Acsm-Agam, which closed 2015 with an Ebitda of 40 million and a profit of 12 million, specializes above all in the sale of electricity and gas (in which it boasts a total of over 170 customers but the goal is to reach 250 thousand in 2019) and in networks with significant presence in district heating and in the environmental supply chain.
A2A closed the Stock Exchange yesterday at 1,206 euros (+0,5%) while Acsm-Agam at 1,6 euros (+0,69%).
