Enel preparing the introduction of Enel Green Power for late October
Enel has announced plans to launch the initial public offering (IPO) of its affiliate company specialized in renewable energies over the last two weeks of October.
The Italian group of community service, the actor in the sector the most indebted in Europe, hopes to raise between three and four billion euros in bringing to market a minority stake in Enel Green Power, which could be the largest such operation in Europe this year.
"The IPO will take place in the second half of October," said a spokesman for Enel Friday.
The banks involved in the operation on Friday met Chief Financial Officer of Enel, Luigi Ferraris, to discuss the case, said the spokesman, adding that the company continued with its parallel search for a buyer for participation .
This dual approach (dual track) means that in theory, Enel could abandon at the last minute to rate its subsidiary if the sale of OTC was a realistic alternative to public offerings.
"At the meeting with the banks this morning, the focus has been on the IPO, but this does not mean that the company abandoned its dual-track approach," said the spokesman.
Sources have told Reuters that the international coordinators of the IPO were Mediobanca, Goldman Sachs, Credit Suisse and Intesa Sanpaolo.
The leaders of the transaction are JP Morgan, Bank of America, Morgan Stanley, Barclays, BBVA and Unicredit.