ERG Renew to raise 50 mln euros by selling stake to UniCredit
MILAN Dec 19 (Reuters) - Italian energy company ERG Renew will raise 50 million euros ($69 million) by selling a 7.14 percent stake to bank UniCredit through a reserved capital increase, its parent ERG said in a statement on Thursday.
The operation will be completed by January 2014 and will allow ERG Renew to help grow its renewables energy business in Italy and abroad.
The deal envisages a lock-up period of 4 years, subject to the possible listing of ERG Renew. UniCredit will have the option to sell its stake back to ERG if the listing does not occur and if there is no agreement on strategic operations, it said. ($1 = 0.7266 euros) (Reporting by Danilo Masoni, editing by Isla Binnie)
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