MILAN, May 11 (Reuters) - Italian local utility Estra aims to list on the Milan bourse in November to raise capital to fund its participation in upcoming gas tenders, its Chief Executive said on Thursday.
The Tuscany-based group aims to float up to 49 percent of its capital but has still not made a final decision on the structure of the initial public offer, CEO Alessandro Piazzi told Reuters.
Piazzi added that a market listing was crucial to be “strong enough” to take part in future gas tenders in markets where the group already operates as well as in potential new areas.
“If there are M&A opportunities we will go for them,” the chief executive said, adding the group, which last year had revenues of just over 1 billion euros ($1 billion), was particularly interested in grids.
Piazza said Estra was keeping an eye on the Italian distribution assets that Spain’s Gas Natural is expected to sell, but conceded the assets were too big for Estra to buy on its own.
The group has picked Banca Imi, Unicredit and BNP Paribas as global coordinators.
$1 = 0.9203 euros Reporting by Elisa Anzolin, writing by Giulia Segreti, editing by Stephen Jewkes