Maire Tecnimont gets binding offer for 66% of Biolevano biomass unit

Italian construction group Maire Tecnimont (BIT:MT) said Thursday it had received a binding offer from a group of Italian businessmen who are willing to buy 66% in its unit Biolevano Srl, which owns a biomass power plant.

Maire Tecnimont received the offer for the plant in Olevano Lomellina in northern Italy from the Italian entrepreneurs, coordinated by Giuseppe Cornetto Bourlot, president of Fenice as controlling shareholder of Prelios SpA, senior advisor to Schroders, and president of the AskaNews news agency.

The construction group's board of directors decided to exclusively proceed with the finalisation of the sale, Maire Tecnimont said in its statement. The group expects to cash in some EUR 80 million (USD 90.7m) for the sale. The transaction will include a cash-in at closing equal to some EUR 56 million, EUR 6 million to be paid within 3 years from the closing date, plus another EUR 18 million subject to the fulfillment of certain conditions.

The closing, which is also subject to Biolevano obtaining a non-recourse project financing from a pool of Italian banks, is expected to take place by March 31, 2015.

The deal is part of Maire Tecnimont's plan to sell assets, it said. The group will keep a minority stake in the Biolevano plant.

(EUR 1 = USD 1.134)

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