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ERG SpA's ERG Renew opens shareholders body to UniCredit SpA


Thursday, 19 Dec 2013 10:32am EST 

ERG SpA:Says an agreement was signed on Dec. 19 with UniCredit SpA whereby the Bank will enter the subsidiary ERG Renew shareholder body via the acquisition of a minority stake corresponding to an equity interest of 7.14 pct, valued at 50 million euros, through a reserved capital increase.Says the transaction will enable ERG Renew to raise new capital to support its plans for development in the renewable energy sector in Italy.Says UniCredit will enjoy the governance prerogatives typically granted to a minority investor, which will be reflected in ERG Renew's Articles of Association, including the right to appoint a member to the Board of Directors.Says the agreement provides for a lock-up period of four years starting from the transaction closing, subject to the possibility of ERG Renew's admission to listing.Says in addition to granting UniCredit the option to sell the shareholding to ERG in the event that listing does not occur and in the case of failure to agree on strategic operations.Says the transaction closing is scheduled to take place no later than Jan. 2014. 

Company Quote

6.175
-0.02 -0.32%
16 Sep 2014