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8 October 2003 - Italy's third- largest regional utility by sales, Hera, has won a tender to buy 42 per cent of Agea a utility based in the town of Ferrara, part of a plan to expand its presence in Italy's wealthy north.
Hera is looking to expand its presence in Italy's wealthy north and said in a statement Tuesday that had offered a 7.5 per cent premium above the bottom auction price of €44m ($51.7m), suggesting a price tag of €47.3m.
"The proposal contained in the industrial plan put forward by Hera goes beyond the acquisition of this first stake and anticipates the full integration of the two groups in 2004," said Hera, based in Bologna just south of Ferrara.
Hera, which raised money by listing on the Milan stock exchange earlier this year, said it planned to buy another 7 per cent of Agea under an option included in Tuesday's deal. It would then use Hera's share to purchase the remaining 51 per cent of Agea.
Hera, which groups together the municipal utility of the city of Bologna and 11 smaller firms, was fighting for Agea against a group headed by Modena-based utility Meta, the only other company to have listed in Milan this year.
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