With EGP back on board again, and an important step forwards in Group simplification, Enel has become the largest integrated utility company in Europe in terms of capitalisation, now worth 39.4 billion euros.
Back together again. After 5 years Enel Green Power is back with its parent company, making Enel the biggest integrated utility company in Europe in terms of capitalisation, with a value of 39.4 billion euros.
Launched on the Milan Borsa in November 2010, last April 1st Enel's 'green' subsidiary was delisted from the MTA (the Italian Telematic Share Market), endowing Enel with a significant increase in capital. But not only that. Having EGP back on board again is one of the cornerstones of the strategy presented by CEO Francesco Starace last November, delivering Group simplification.
Technically the plan for the integration of EGP has been achieved via a partial, non proportional spin off prior to a merger with Enel; a measure that led to all EGP's ordinary shares being swapped for newly issued Enel shares. More precisely, the Group has issued and subscribed 763 new shares of a nominal value of one euro as part of the exchange deal with EGP shareholders.
From a strategic point of view the incorporation of EGP is part of plan to simplify the Group that is being implemented by Enel, and constitutes an important first step. Now the Group looks to the LatAm region where a reorganization of activities is being rapidly carried out and is running to schedule. The first phase of the process of reorganization of the LatAm region was already approved by the shareholders in December 2015, while shareholders will vote to approve the second phase of the transaction, the merging of all activities outside Chile into a single company, in the second half of 2016.
A strategic move that will make Enel even lighter and greener: ready to soar towards the goal of environmental sustainability, innovation and excellence.