Cleary wins E9bn role on energy tie-up as Italian consolidation continues apace
Cleary Gottlieb Steen & Hamilton and Italian boutique Pavesi Getti have bagged the lead roles on a E9bn (£6.1bn) merger that will create Italy's third-largest energy company and biggest local utility.
June 13, 2007 at 10:24 PM
2 minute read
Cleary Gottlieb Steen & Hamilton and Italian boutique Pavesi Getti have bagged the lead roles on a E9bn (£6.1bn) merger that will create Italy's third-largest energy company and biggest local utility.
The merger between AEM and locally-listed utility ASM was announced on 1 June.
Cleary Gottlieb is representing AEM with Milan-based corporate heavyweight Roberto Casati leading a team alongside corporate partner Roberto Bonsignore.
The US-based firm has been a long-term adviser to the company. Other big-ticket mandates the firm has advised on include AEM's E8bn (£5.4bn) joint acquisition with state-owned French utility Electricite de France of a controlling stake in Italian energy company Edison in August 2005.
Pavesi name partner Gregorio Getti headed the advisory team for ASM.
Slaughter and May ally Bonelli Erede Pappalardo also secured a major role, advising the City of Milan, which has a 42% stake in AEM. Milan-based corporate partner Mario Roli took the lead role.
The tie-up is the latest in a slew of deals in the buoyant Italian M&A market.
Last month, local independents Chiomenti and Grimaldi won lead roles on the latest deal in the fast-consolidating Italian banking sector – the proposed merger between UniCredit and Capitalia, which would create a banking giant worth around E100bn (£68bn).
Chiomenti is advising Capitalia, while Grimaldi corporate partner Roberto Capelli is acting on behalf of Unicredit.
Bonsignore told Legal Week: "There has been a lot of consolidation in the Italian energy sector, but there are still sizable companies looking to merge – there will still be a lot of activity going forward."
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