ERG SpA (ERG.MI), Italy's biggest independent refiner by capacity, said late Monday the board had approved transferring its renewable energy activities to Enertad SpA (ENR.MI) in exchange for boosting its stake in the wind power company.
In a statement, ERG said it will merge the renewable energy activities of its Power and Gas division into Enertad in exchange for new shares that will increase its stake in the company to 77.4% from 68.4%.
Enertad will also have a capital increase of up to EUR200 million, in which ERG will participate, aimed at financing its activities in the generation of energy from renewable sources.
At 0720 GMT, ERG shares were up 0.1% at EUR14.39, in line with Italy's benchmark S&PMib Index.