Fondo Strategico Italiano, of which Cassa Depositi e Presiti holds 80%, has signed an agreement with Shanghai Electric for the sale of 40% of Ansaldo Energia at the price of 400 million euro. The agreement, presented today at a press conference in Genoa in the presence of Matteo Renzi, also provides for the establishment of two joint ventures between Ansaldo Energia and Shanghai Electric for the production of gas turbines for Asian markets and the development of an R&D center in Shanghai.
The closing of the transaction is expected by the end of the year and is already starting to convince investors: following the announcement, both Ansaldo Sts are gaining ground in Piazza Affari (+1,2% on 7,85 euros) and the parent company Finmeccanica, which after yesterday's knockout rises by +3% to 6,22 euro. In terms of new jobs, the agreement will allow Ansaldo Energia to increase by 500 units, including related industries, and a 20% increase in turnover in the medium-long term.
Financial advisor to FSI and Ansaldo Energia was Lazard. Shanghai Electric, a global giant in the production of machinery for energy generation and mechanical equipment, capitalizes over 5 billion euros and closed 2012 with revenues exceeding 9 billion euros. But that's not the only operation that went through today. Ansaldo Energia has in fact also signed a technological collaboration agreement with the Korean company Doosan Heavy Industries, which has been in negotiations for a long time to become a shareholder - even a majority shareholder - of the Italian company. The agreement provides for the development of a new gas turbine for countries with an electrical frequency of 60Hz. The project, partly financed by the Korean government, will allow Ansaldo Energia to reach 100% of the gas turbine markets.
The operations received the approval of the Prime Minister, Matteo Renzi. “As mayor of Florence, I expressed a doubt about the Cdp-Ansaldo Energia operation: why not try to open and not close us? We are now grateful to (Giovanni) Gorno and (Franco) Bassanini (CEO and president of the CDP) because they have chosen the path of openness”, said Renzi during the press conference to present the agreement.
