UniCredit enters ERG Renew capital with 7.14% stake

Jan 17, 2014 - Italian banking group UniCredit SpA (BIT:UCG) has entered the capital of Italian renewable energy company ERG Renew with a 7.14% stake, subscribing a reserved capital hike, ERG Renew said on Thursday in a statement.

The shareholders’ meeting of the green power unit of Italian energy group ERG (BIT:ERG) gave the go-ahead on Thursday to a reserved capital increase for EUR 50 million (USD 68.1m), which was entirely subscribed by UniCredit, as envisaged by an accord signed between the parties on December 19, 2013.

The agreement also entails a four-year lock-up period for the shares, subject to the possible stock market listing of ERG Renew. UniCredit will have the right to sell its stake back to ERG if the listing does not occur and if there is no agreement on strategic operations.

(EUR 1 = USD 1.361)

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