The consideration, equal to E2.192 per Terna’s share, which is essentially in line with the stock’s current market price, generated a consolidated capital gain of about E830 million for Enel, the company said in a press release.
Following the transaction, Enel continues to hold 122,838,001 Terna shares, equal to 6.14% of the company’s share capital. However, the stake is expected to contract further to about 5% as Enel is obliged to give out bonus share options to those who purchased Terna shares in its IPO in June 2004.
Explaining the significance of the deal, Fulvio Conti, Enel’s CEO, said, I am pleased with the positive conclusion of the Terna sale to Cassa depositi e prestiti S.p.A (CDP)… Italy becomes thus the forerunner in Europe in the liberalization of the electricity market since full independence of the national transmission grid ensures equal access to such market to any electricity operator.
