Ascopiave says wins bid for Pasubio gas company
MILAN, May 22 (Reuters) - North east Italian gas company Ascopiave SpA (ASCI.MI) has won the contest to acquire Pasubio Servizi, which sells gas in the Vicenza area of north-east Italy, Ascopiave said on Friday.
Earlier in May, a source close to the sale told Reuters that Edison SpA (EDN.MI) had presented the highest cash offer for Pasubio Servizi but added other factors could affect the outcome.
Municipally-owned Ascopiave beat off the opposition because of its north east base and guarantees it gave on maintaining local operation of Pasubio, an Ascopiave spokesman said.
Oil and gas major Eni SpA (ENI.MI) had been another bidder.
The deal envisages Ascopiave paying 19.5 million euros ($26.88 million) in cash and 1.850 million of its shares, worth around 2.9 million euros, Ascopiave said.
"The agreement represents an operation of high strategic value... and confirms Ascopiave as one of the utilities most active in M&A operations," Ascopiave Chairman Gildo Salton said in a statement.
In 2007, Pasubio Servizi made a profit of 0.3 million euros on turnover of 46.2 million euros. It sold 130 million cubic metres of gas to more than 63,000 customers.
At 1510 GMT, Ascopiave shares were down 0.32 percent at 1.5750 euros. ($1=.7254 Euro) (Writing by Nigel Tutt; Editing by Hans Peters)
