Milan pushes ahead with plans for AEM sale
Milan is expected to announce the placement with institutional investors of an 8.8% stake in electricity and gas utility AEM Milano (AEM) during the next few days, according to local media reports.
A bond issue, convertible into a further 8.8% of the company, will go on sale to retail investors before the end of the year. Investment bank Caboto will coordinate the bond sale while Rothschild Italia will value the price of the shares.
The placement and the bond issue should raise EUR 450-500 million, said analysts. The city of Milan currently holds 51% of the company.
The privatisation of AEM has been delayed for several months after minority shareholders opposed Milan’s plan to retain control of AEM’s board after privatisation. However, in August an appeal court gave the city the green light to proceed with the sale RB.
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