March 27, 2018 / 10:36 AM / 3 months ago

Italy's Sorgenia plans to list but not in short term

MILAN, March 27 (Reuters) - Italian energy company Sorgenia plans to list on the Milan stock exchange but not in the near term, Chief Executive Gianfilippo Mancini said on Tuesday.

“All the conditions are there today for shareholders to confidently look forward to a listing. But it won’t be a short-term operation,” Mancini said.

Sorgenia, once controlled by Italy’s De Benedetti family, is owned by a series of Italian banks, including top lenders UniCredit and Intesa Sanpaolo, that took over after a debt restructuring.

Asked if the banks might cut their stakes and exit the company, Mancini said he did not think so.

“The banks entered three years ago in a difficult situation and decided to support us. No disposals have been done ever since,” he said.

Sorgenia posted core earnings last year of 160 million euros compared to 40 million euros in 2015. (Reporting by Giancarlo Navach, writing by Maria Pia Quaglia, editing by Stephen Jewkes and David Evans)

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