Italian utilities company Enel is to sell its assets in Romania and Slovakia this year, said Francesco Starace (photo), Enel CEO, who mentioned the company has already received offers in this regard, Financial Times reports. Starace said Enel already received offers.
“We do have offers. We know more or less what the issues are and we know that this process can be closed sometime between now and next June,” Francesco Starace, chief executive of Italy’s largest utility said in an interview with the Financial Times. “They will be sold in 2015 so we will be much better off with debt than we had originally planned.”
Enel, which is 30 per cent owned by the Italian government, has been struggling to reduce its heavy leverage – a legacy of its 2008 purchase of Spanish rival Endesa – while also investing in new, expanding markets outside Europe.
Francesco Starace has already implemented sweeping organisational changes designed to simplify the company’s structure, including a raft of cost-cutting measures.
Starace said he would offer more details on the reorganisations plan in March, Mediafax informs.