Enel Green Power shareholders approved today at an extraordinary meeting in Rome the company’s integration into Enel.
Enel has now called another shareholders meeting to approve the deal.
The deal is expected to be concluded by the end of the first quarter of 2016.
The EGP meeting approved the assignment by EGP to Enel of what it called the “spun off assets”.
The assets are a 100% stake held by EGP in Enel Green Power International, a Dutch holding company that holds investments companies operating the renewables sector in North, Central and South America, Europe, South Africa and India.
EGP will retain a small number of remaining foreign investments and its Italian operations.
EGP shares may be exchanged for Enel shares with no cash adjustment.
On the date of the spin off, EGP will reduce its share capital by an amount equal to the value of the assets spun off – to €272m from €1bn – while Enel will increase its share capital. Enel will issue up to 770,588,712 new shares.
Image: Enel Green Power
