Enel SpA (ENEL.MI) plans to start talks next week between its advisers and potential investors for the initial public offering share price range of its renewables energy unit, said two people familiar with the matter Friday.
Enel SpA (ENEL.MI) plans to start talks next week between its advisers
and potential investors for the initial public offering share price range of
its renewables energy unit, said two people familiar with the matter Friday.
"By Monday the analysts of the banks [advising Enel on the sale] must finish
their reports, and from then onwards they meet potential investors," said
one of the people, who asked not to be identified. "These will give
feedback in the [IPO} price range."
The Rome-based utility is selling an unspecified minority stake in Enel Green
Power SpA in what could be the biggest European IPO this year. The
closely-watched sale will be monitored as a measure of investors' appetite for
new listings.
Enel still expects the likely start date of the IPO as Oct. 18, said the
people, subject to Italian securities regulator Consob's approval.
An Enel spokesman declined to comment.
The Italian utility aims to raise at least EUR3 billion from the IPO of the
renewables unit.
Enel has pledged to slash its net debt to EUR45 billion by the end of December
from the EUR50.87 billion of the end of 2009. A significant chunk of the
reduction will come from the stake sale in Enel Green Power.
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