E.ON aims to close Italy grid sale by yr-end -sources
MILAN, June 17 (Reuters) - E.ON (EONGn.DE) aims to wrap up the sale of its gas distribution grid in Italy by the end of the year and potential investors have already been sounded out, two financial sources close to the matter said on Wednesday.
While investors were being talked to, no official process has as yet been started, the sources said.
The head of the German utility's Italian unit has said E.ON plans to sell all its natural gas ditribution grids in Italy to concentrate on power generation.
The non-binding offer phase of the deal should begin in September or October, one of the sources said. "The signing of the contract could take place by the end of the year in such a way that ownership could be transferred at the beginning of 2010," he said.
A newspaper report in Il Sole 24 Ore said the gas grid could be valued at around 600 million euros ($832 million) but the sources did not confirm this.
Snam Rete Gas (SRG.MI) Chief Executive Carlo Malacarne has already said his group is interested in the network and investment fund F2i has also expressed interest.
Regional utility Ascopiave (ASCI.MI) said it would be interested in the network providing the regulatory framework was changed to give greater certainty on regulated returns.
Italian utility Edison (EDN.MI) has said it is not interested and financial sources said regional utility A2A (A2.MI) is also not interested.
In the sale process E.ON is being advised by Deutsche Bank while the legal adviser is Clifford Chance.
(Reporting by Massimo Gaia and Stephen Jewkes in Milan, and Peter Dinkloh in Frankfurt; editing by Elaine Hardcastle)
($1=.7214 Euro)
