Terna risks losing Admie, the public company that manages the electricity transmission grid in Greece.
Public Power Corporation (Ppc), 51% controlled by the Athens government, said after closed markets that it had received from Chinese giant State Grid a proposal from 320 million of euros for the 24% stake in Admie. The minority stake in the company that manages the electricity transmission grid in Greece was put up for sale as part of the international tender procedure launched on 12 July by Ppc itself as sole shareholder. The operation is part of the privatization process launched by the Greek government to put the public finances back on track.
State Grid's offer therefore risks putting the joint offer of Terna and F2i SGR, even if the final decision of the Board of Directors of Ppc on the sale of the minority stake in Admie will be taken on October 31st, with the Shareholders' Meeting which will pronounce itself no earlier than November 24th.
The probable acquisition of 24% of the share capital of the company that manages the electricity transmission grid by State Grid would represent bad news for the shares of the group led by Matteo Del Fante, given that it would reduce growth projects abroad. At 10:13 Terna shares are up +0,13%, against a 0,4% increase in the FTSE Italia Servizi Pubblici.
