A2A denies tie-up talks with Erg, rules out dilution of top two shareholders

Erg SA

17/03/2026 17:39

MILAN, March 17 - Italian utility A2A A2.MI is not discussing a tie-up with renewables group Erg ERG.MI, its Chief Executive Renato Mazzoncini said on Tuesday, after a newspaper report last month raised the prospect of a deal.

Speaking on a post-results call, Mazzoncini ruled out a scenario in which the utility's two biggest shareholders - the municipalities of Milan and Brescia - were left in a minority position after a takeover.

Italy's Corriere della Sera reported last month that Erg was exploring partnership opportunities in renewables and cited A2A as a possible interested party. Days later A2A said it was exploring "strategic options" but had not taken any decisions.

"The idea of altering A2A’s capital structure with municipalities in the minority is something no one would consider," Mazzoncini said.

He added that the company had not yet identified any M&A targets and was looking at opportunities in Iberia, England, Poland and Germany.

The municipalities of Milan and Brescia jointly hold 51% of A2A.

 (Reporting by Giancarlo Navach. Editing by Gianluca Semeraro and Mark Potter)