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Italian energy storage company NHOA under govt scrutiny after Taiwan bid,
sources say
By Giuseppe
Fonte
July 3, 2024
ROME, July 3 (Reuters) - Italian energy storage company NHOA (NHOA.PA), opens
new tab is under government scrutiny after its leading shareholder Taiwan Cement
Corp (TCC) announced a buyout offer to take the Paris-listed company private,
two sources close to the matter told Reuters.
So-called "golden powers" legislation gives Italy's government the right to
block or set conditions on foreign and domestic forays, as well as governance
changes involving companies that operate in strategic sectors such as energy,
telecoms and banking.
Prime Minister Giorgia Meloni's office wants to check whether TCC plans an
overhaul of NHOA's management lines or move its strategic activities abroad,
once the company is no longer listed on the French stock exchange, the sources
said asking not to be named.
A spokesperson for NHOA declined to comment, while TCC representatives were not
immediately available for comment.
Formerly known as Engie EPS, NHOA says on its website it has positioned itself
at the forefront of the battery storage sector, focusing on technological
innovation and leadership in sustainable energy.
The company has also a partnership with car maker Stellantis (STLAM.MI), opens
new tab through their joint venture Free2move eSolutions.
Last month NHOA said it had been informed of TCC's intention to file a
simplified tender offer at a price of 1.1 euros per share. TCC said private
ownership would enable NHOA to more efficiently implement long-term strategies
without the pressures of financial market expectations.
NHOA shares were
flat on Wednesday at 1.08 euros, far below an all-time record of 2.9 euros
reached in July 2023.
TCC, which currently owns almost 90% of NHOA, took control of the company in
2021 after securing the green light from the Italian authorities.
At the time, the government of former Prime Minister Mario Draghi ruled that the
Taiwan group should notify the cabinet office of any operation entailing the
relocation of NHOA's activities or governance changes, under a decree seen by
Reuters and dated July 13, 2021.
One of the sources said on Wednesday TCC had notified the government about its bid as well as unspecified plans to review the company's governance.
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