TerniEnergia to merge with unit Lucos Alternative Energies

Italian renewable energy company TerniEnergia (BIT:TER) said Friday its board of directors had approved a plan to merge with its wholly-owned subsidiary Lucos Alternative Energies SpA.

The transaction in which Lucos Alternative Energies will merge into TerniEnergia is part of the listed group's 2015-2017 business plan to develop the business of energy efficiency, TerniEnergia said in a statement.

The merger will shorten the chain of control which is expected to result in better financial management of the energy efficiency and better coordination of the industrial energy saving, in production and financial synergies and in significant savings in operating and managing fixed costs, the company said.

The signing of the merger is planned to take place in early May 2015.

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