Enel SpA (ENEL.MI) still expects to go ahead with the initial public offering of its renewable unit in the fall, Chairman Piero Gnudi confirmed Friday, adding Enel doesn't plan to sell the shares at a discount to entice investors.
Enel SpA (ENEL.MI) still expects to go ahead with the initial public
offering of its renewable unit in the fall, Chairman Piero Gnudi confirmed
Friday, adding Enel doesn't plan to sell the shares at a discount to entice
investors.
"We still plan to IPO Enel Green Power next fall in
Milan
and
Madrid
,"
said Enel's Gnudi on the sidelines of an event in the northern Italian location
of Cernobbio. "No discount," he added.
Enel, which is Italy's biggest utility by market value, plans to sell a
minority share in the renewables unit this year to maintain its pledge of
slashing net debt to EUR45 billion by the end of December. Enel's net debt on
June 30 was EUR53.89 billion.
The Rome-based utility expects to raise more than EUR3 billion from Enel Green
Power's sale.
The Italian securities regulator Consob is expected to approve the sale
prospectus in October, said two people familiar with the matter. The two added
that in coming days Enel plans to meet in
Rome
with
the banks it picked to assist it in the sale.
The global coordinators are Mediobanca SpA (MB.MI), Intesa Sanpaolo SpA
(ISP.MI), Credit Suisse Group (CS) and Goldman Sachs Group Inc. (GS).
The bookrunners are UniCredit SpA (UCG.MI), JPMorgan Chase & Co. (JPM),
Morgan Stanley (MS), Barclays PLC (BARC.LN), Bank of America Corp.'s (BAC)
Merrill Lynch and Banco Bilbao Vizcaya Argentaria SA (BBVA).
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