February 10, 2014 / 3:41 PM / in 4 years

Milan, Brescia hire Mittel Advisory for A2A stake sale

MILAN, Feb 10 (Reuters) - The cities of Milan and Brescia have hired Mittel Advisory to define a price for the 5 percent stake they are planning to sell in Italy’s No. 1 regional utility A2A, a source close to the Brescia administration said on Monday.

The northern Italian cities are selling part of the majority stake they jointly hold in A2A to fund city developments after the central government cut back state transfers to local councils.

The two cities will hold 50 percent plus two shares in A2A after the sale. (Reporting by Giancarlo Navach, writing by Isla Binnie; editing by Agnieszka Flak)

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