By Giuseppe Fonte
ROME (Reuters) – Taiwan-based TCC Group Holdings said on Friday it had secured Italian government approval for plans to take energy storage company NHOA private.
Italy’s government has ‘golden powers’ to block or set conditions on foreign and domestic takeovers, as well as governance changes involving companies that operate in strategic sectors such as energy, telecoms and banking.
“The project by TCC Group Holdings guarantees the implementation of the company’s industrial programs, given also NHOA’s national strategic interest,” the company said.
“The Golden Power Committee noted that the transaction does not involve any change in NHOA’s control and management situation,” TCC added in a statement.
A source familiar with the matter told Reuters that the decision had been taken by the Italian cabinet on Sept. 4.
TCC announced in June a simplified tender offer at 1.1 euros ($1.22) per share, which it raised to 1.25 euros, to buy out and de-list NHOA, saying that private ownership would enable the Paris-listed group to more efficiently implement long-term strategies without the pressures of financial market expectations.
Formerly known as Engie EPS, NHOA says on its website it has positioned itself at the forefront of the battery storage sector, focusing on technological innovation and leadership in sustainable energy. It also has a partnership with carmaker Stellantis.
TCC, which owns almost 90% of NHOA, took control of it in 2021 after securing a green light from Italian authorities.
Sources told Reuters in July that Italian Prime Minister Giorgia Meloni’s office wanted to check if TCC was planning to overhaul NHOA’s management or move strategic activities abroad.
TCC reacted to the news by saying it wanted to strengthen NHOA’s presence in Italy.
“TCC Group Holdings … will comply with the instructions received from the Italian government regarding reporting and notification obligations and provide the monitoring authority with an annual report on compliance with its commitments,” the company said on Friday.
($1 = 0.9005 euros)
(Reporting by Giuseppe Fonte; Editing by Alexander Smith)
