Italgas bucks the pattern in view of the attainable acquisition of 2i Rete Gas | EUROtoday

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(Il Sole 24 Ore Radiocor) – Italgas bucks the pattern in Piazza Affari: whereas the Ftse Mib rises by greater than half a share level, the shares are weak, affected by the rumors reported by Corriere della Sera based on which thehe firm can be able to take over 2i Rete Gas, managed by the F2i fund. In element Italgas has already offered a preliminary supply of 4-5 billion euros, a determine that scares buyers because it may overwhelm the monetary construction of the brand new group. In any case, the operation must cross Antitrust scrutiny. It had already been studied in 2016 (earlier than the itemizing of Italgas itself), however in the long run it stalled because of fears that the Authority may categorical a opposite opinion. According to Equita specialists, “to date the Antitrust risks, even if they remain (Italgas controls approximately 33% of the Redelivery Points in Italy and 2i Rete Gas 20%), should be less significant”. Furthermore, for the SIM, the operation for Italgas would make “sense”, offered that the value paid sees a diminished premium on the RAB (the inventory trades at a premium of 11%). The indication of a worth of 4-5 billion is taken into account affordable by Equita specialists, additionally contemplating that 2i Rete Gas has a debt of round 3.3 billion, a ratio between debt and ebitda of round 6 instances. «For Italgas, there can be a big influence on earnings per share», estimated at double digits, regardless of making an allowance for essential requests from the Antitrust, concluded the analysts, who maintained the 'Hold' suggestion on Italgas, with the indication of a value goal of 6.1 euros. Another main SIM identifies the goal value for the securities at 5.7 euros and underlines that, in consideration of the present monetary construction of the 2 corporations, a attainable operation couldn’t be financed fully by debt by Italgas.