Italian investors to sell stake in grid operator Terna
MILAN (Reuters) - A group of Italian investors are looking to sell a 5.36 percent stake in Italian power grid operator Terna (TRN.MI), UniCredit said on Tuesday.
The stake is worth about 379 million euros ($488 million) at current market prices.
The sellers, led by Italian businessman Romano Minozzi, will place 107.7 million shares in an accelerated bookbuilding process, UniCredit said in a statement.
UniCredit is acting as sole bookrunner in the deal, which is expected to be priced on Wednesday.
According to market regulator Consob, Minozzi owns the Terna stake through Iris Ceramica SpA, Castellarano Fiandre SpA and Finanziaria Ceramica Castellarano SpA.
Minozzi is the second-biggest shareholder in Terna, Europe's biggest independent power grid operator, which is 29.9 percent controlled by Italian state-backed financing agency Cassa Depositi e Prestiti.
Shares in Terna, which have risen 14 percent this year and touched a record high in early May, closed down 0.11 percent on Tuesday at 3.51 euros.
(Reporting By Stephen Jewkes; Editing by Jennifer Clark and David Goodman)