The Tuscan multi-utility with public capital takes shape, aiming to land on the stock exchange and compete with the “big ones” of central-northern Italy. After twenty years of discussions and failed projects, the Municipalities of Florence, Prato and Empoli have started a new season of relations with other local authorities, with the aim of aggregating, over time, most of the operators.
The first step, ‘baptized’ by the president of the Tuscany Region Eugenio Giani, will be the merger by incorporation of the public holding companies Consiag, Publiservizi and Acqua Toscana in Alia (the waste company of central Tuscany, 100% of the municipalities).
Fixed exchange ratios
The four companies have already approved (and the exchange ratios have been fixed), but now it will be up to the municipal councils of the 66 shareholder municipalities, including in the provinces of Florence, Prato and Pistoia, to give the go-ahead for the merger. At the same time, the 66 Municipalities will also vote on two capital increases that will be used – in the following months – to give legs to the project, led by the CEO of Alia, Alberto Irace, with the consultancy of Boston Consulting: the first (which will remain open for five years) will be used to allow contributions in kind to the other Tuscan municipalities that hold equity investments, given that the multiutility wants to be open to all interested parties; the second capital increase will be used for the company’s IPO listing, envisaged by Irace itself at the end of 2023. The constraint will be that 51% remain in public hands.
The name is yet to be decided
The multiutility (the name has yet to be decided) will officially be born in autumn. Dario Nardella, mayor of Florence and deus of the operation together with the mayor of Prato, Matteo Biffoni and with the mayor of Empoli, Brenda Barnini, aims high: “The union will allow us to make more investments, to hire up to two thousand people in addition, to keep tariffs under control and to achieve up to double the current dividends: the member municipalities need dividends for schools, for the elderly, to maintain public assets “. Two knots remain to be resolved. The first is the “liquidation” of the Roman Acea, a “bulky” shareholder of Publiacqua and hitherto opposed to joining the multi-utility: “We have very positive discussions with Acea for the settlement of the dispute – explained Irace – so as to allow control fully public “.
Giani: historical moment
At the moment the nascent multiutility has 57.6% of Publiacqua, but Acea holds the governance powers (and appoints the CEO). Estra, the company that distributes and sells gas (with revenues of 1 billion), of which Intesa-Siena holds 25% and Coingas-Arezzo another 25%. “Now we have fixed the hypotheses of share swap, the mayors of Siena and Arezzo (who are center-right, while the operation was born under the aegis of the Democratic Party, ed) can evaluate the industrial project,” said Irace. The multiutility was “blessed” by Giani: “It is a historic moment – said the regional president – Tuscany must not become a land of conquest for external parties and the multiutility serves to offer businesses and citizens better services and lower rates , as well as reinvesting dividends on the territory ».