MILAN (Thomson Financial) - Iride SpA, the utility controlled by the cities
of Genoa and Turin, is open to mergers but the current focus is the utility's
business plan, the already defined investments and the completion of the Livorno
regasifier and the hydroelectric power plant in Turin, said executive chairman
Roberto Bazzano in an interview with Saturday's daily Corriere della Sera.
Bazzano said management was currently in talks on a possible merger with
Enia SpA and Bologna-based Hera SpA.
Enia is the utility for the city of Parma, Piacenza and Reggio Emilia.
"To obtain a good result in the medium-, long-term these deals don't only
have to focus on the synergies on the cost side, that obviously would take
place, but also the objective, on the business plan," he told the daily.
Earlier this month the mayors of the cities of Genoa and Turin said they
were keen to merge the utility company with Enia and Hera.
Bazzano added that a merger of the three groups -- Iride, Hera and Enia --
"together could reach a dimension that makes a confrontation with A2A possible,
on a more equal setting."
A2A was formed at the start of this year through the merger of Milan
utility AEM SpA and Brescia utility ASM Brescia.
yael.schrage@thomson.com
ysc/vs
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