Verbund increases shares in Italian joint venture Sorgenia SpA
Together with its Italian partner CIR, Verbund has agreed upon a capital increase in the jointly held joint venture Sorgenia SpA by Euro 200 million in 2008 and a further 150 million Euro in 2009. With that, the direct and indirect shares of Verbund in Sorgenia SpA will rise from 38 to 41 %. The share will further increase to 44 % in 2009.
The capital increase will be met by Verbund in its entirety and is to take place via subsidiary Verbund Italia by the end of July 2008. Verbund is hereby boosting its cooperation with Italian CIR Holding and supporting Sorgenia in the implementation of its ambitious development plan.
Verbund's strong commitment
"The agreement once more underlines Verbund's strong commitment in favour of a profitable development on the part of joint venture Sorgenia SpA. Together with our partner, CIR Group, we have been able over the past nine years to establish Italy's fifth largest provider. We plan to steadily strengthen our strategic position in Italy and, in the medium term, aim to achieve not only a strong position by way of expansion of minority rights, but also the highest possible share in the results and the added value of Sorgenia SpA," Dr. Michael Pistauer, Chairman of the Board of Verbund states, emphasizing the major reasons for the increase.
Share ratios at Sorgenia after the capital increase:
- SORGENIA HOLDING: CIR at 68.13 % and Verbund Italia
at 31.87 %. - SORGENIA SpA: SORGENIA Holding at 79.52 %, Verbund Italia at 16 %, Banca MPS at 1.14 % and the Management at 3.34 %.
So far, Verbund has invested Euro 195 million in Sorgenia. The asset value of Sorgenia was determined at Euro 3.3 billion as per 30 June.