Tag Archives: offer

Italy’s Enel joins the race for the UK unit of US utility PPL: source | Instant News


LONDON (Reuters) – Europe’s largest utility company, Enel, is considering entering a race for British power company Western Power Distribution (WPD), as part of a consortium suggested by investment bank Rothschild, two sources close to the matter said.

FILE PHOTO: Italian multinational energy company Enel logo seen at headquarters of Milan, Italy, 5 February 2020. REUTERS / Flavio Lo Scalzo / File Photo

Also in progress are the Global Infrastructure Partners’ investment and pension funds, Brookfield Asset Management and CDPQ, which have formed a consortium, and a group led by the infrastructure investment arm of Macquarie Group Australia, PSP Investments Canada and the Dutch pension fund APG, the said. source.

The sale, launched by current US utility PPL Corp owner in August, has faced a series of delays, partly due to uncertainty at the end of last year about whether Britain will leave the European Union without a trade deal, earlier sources said.

A binding offer is now tentatively expected at the end of February, two separate sources said.

Based on earnings before interest, taxes, depreciation and amortization (EBITDA) of 1.25 billion pounds ($ 1.67 billion) for the financial year ended March, WPD could be assessed for up to 12 billion pounds.

Enel CEO Francesco Starace said in November the company would pursue mergers and acquisitions in the distribution network and had allocated around 46% of spending to its regulated network business.

Enel declined to comment on his interest in the WPD. Rothschild declined to comment.

While the process has not been contested much, given the size of the assets and the impending regulatory regime for the UK network, which establishes a fixed return on investment for network owners, PPL and its adviser JP Morgan have gauged the interest of many European utilities and investment funds.

Spanish energy group Naturgy, which is reported to be considering partnering with Germany’s Allianz, has refrained from expressing interest, the two sources said.

WPD delivers electricity to about eight million customers in central and southwest England, and south Wales, according to its website.

Reporting by Stephen Jewkes in Milan and Clara Denina in London. Additional reporting by Arno Schuetze. Edited by Mark Potter

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UPDATE 1-Petrobras Brasil says Rodrigo Costa Lima e Silva is leading the refining unit | Instant News


(Added details about Silva, company details, political background)

RIO DE JANEIRO, January 26 (Reuters) – Brazil’s state-owned oil company, Petrobras, said in a statement on Tuesday that it had approved Rodrigo Costa Lima e Silva as the company’s new head of refinery, after signing out of Anelise Lara amid a push to sell refineries and make money.

With a career spanning 15 years at Petrobras, Silva took the job amidst the divestment of eight refineries, which is equivalent to about half of Brazil’s fuel production capacity.

The departure of Lara, who is leading the company’s efforts to sell its refineries, came on the same day the chief executive of state-owned power company Eletrobras resigned, saying she had lost confidence that the privatization effort would receive the political support it needed.

Their exit has some analysts questioning whether President Jair Bolsonaro’s government remains committed to keeping state-run companies free of political interference, a pledge that helped get Bolsonaro elected in 2018.It also raises doubts about commitments to sell billions of dollars’ worth of assets at an expense. reasonable price.

Political interference by the previous administration in Petrobras and Eletrobras saw companies register billions of dollars in bad investment decisions and corruption, leading to the largest corruption probe Brazil has ever seen, known as Carwash.

Bolsonaro won office on a promise to kickstart the Brazilian economy, but the coronavirus pandemic has derailed his growth and drained his popularity after generous state aid to fight poverty ended at the end of last year. (Reporting by Marta Nogueira and Sabrina Valle in Rio de Janeiro, Editing by Franklin Paul and Matthew Lewis)

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Italy’s Enel joins the race for the UK unit of US utility PPL: source | Instant News


LONDON (Reuters) – Europe’s largest utility company, Enel, is considering entering a race for British power company Western Power Distribution (WPD), as part of a consortium suggested by investment bank Rothschild, two sources close to the matter said.

FILE PHOTO: Italian multinational energy company Enel logo seen at headquarters of Milan, Italy, 5 February 2020. REUTERS / Flavio Lo Scalzo / File Photo

Also in progress are the Global Infrastructure Partners’ investment and pension funds, Brookfield Asset Management and CDPQ, which have formed a consortium, and a group led by the infrastructure investment arm of Macquarie Group Australia, PSP Investments Canada and the Dutch pension fund APG, the said. source.

The sale, launched by current US utility PPL Corp owner in August, has faced a series of delays, partly due to uncertainty at the end of last year about whether Britain will leave the European Union without a trade deal, earlier sources said.

A binding offer is now tentatively expected at the end of February, two separate sources said.

Based on earnings before interest, taxes, depreciation and amortization (EBITDA) of 1.25 billion pounds ($ 1.67 billion) for the financial year ended March, WPD could be assessed for up to 12 billion pounds.

Enel CEO Francesco Starace said in November the company would pursue mergers and acquisitions in the distribution network and had allocated around 46% of spending to its regulated network business.

Enel declined to comment on his interest in the WPD. Rothschild declined to comment.

While the process has not been contested much, given the size of the assets and the impending regulatory regime for the UK network, which establishes a fixed return on investment for network owners, PPL and its adviser JP Morgan have gauged the interest of many European utilities and investment funds.

Spanish energy group Naturgy, which is reported to be considering partnering with Germany’s Allianz, has refrained from expressing interest, the two sources said.

WPD delivers electricity to about eight million customers in central and southwest England, and south Wales, according to its website.

Reporting by Stephen Jewkes in Milan and Clara Denina in London. Additional reporting by Arno Schuetze. Edited by Mark Potter

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Italy will invest 81 million euros in the ReiThera biotech for the development of a COVID vaccine – statement | Instant News


ROME, Jan 26 (Reuters) – Italian government agency Invitalia said on Tuesday it would invest 81 million euros ($ 98.20 million) in local biotech company ReiThera to support the development of a COVID-19 vaccine.

Most of the money, around 69.3 million euros, will go directly to research and development while around 12 million will be used to expand the ReiThera vaccine production site, near Rome.

ReiThera is developing a vaccine with German Leukocare and Belgian Universities and started talks with the European Union in September about supplying blocks with doses. Initial trials have yielded encouraging results.

The company targets to produce around 100 million vaccine shots per year.

Invitalia will buy a 30% stake in ReiThera, said a statement Tuesday. ($ 1 = 0.8248 euros) (Reported by Angelo Amante)

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UPDATE 1-Italy Eni buys Aldro Energia Spain to add retail energy customers | Instant News


(Remodel, add details)

MILAN, 25 Jan (Reuters) – Italian energy group Eni has agreed to buy Spanish energy retailer Aldro Energia as part of its plan to increase its portfolio of electricity and gas retail customers in Europe.

The group said on Monday that its gas and electricity unit had purchased the entire Aldro Energía Y Soluciones SLU from Grupo Pithm to gain a foothold in the Iberian market. The deal includes the acquisition of the backoffice company Instalaciones Martìnez Dìaz.

Eni did not provide financial details.

“The company aims to increase its portfolio, reaching 11 million customers by 2023 to offer not only gas and electricity but also a whole range of services related to homes and energy,” said the chief executive of Eni Gas e Luce’s unit, Alberto Chiarini.

Eni, which like other oil and gas groups spends big on the energy transition, has put retail at the heart of its operations and aims to have more than 20 million customers by 2050.

Aldro Energía supplies energy to 250,000 customers primarily in Spain and Portugal, with a focus on small and medium-sized companies.

Eni already operates in the retail market in France, Greece and Slovenia.

Banco Santander advised Grupo Pithm while Mediobanca advised Eni.

Reporting by Stephen Jewkes; Edited by Agnieszka Flak and Edmund Blair

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