A2A on its way out of Montenegro
Government of Montenegro agreed to buy approximately 13% of shares of EPCG held by Italian based A2A for a sum of €68.9 million. This transaction will increase the Montenegrin share in EPCG to just over 70%. A2A managed EPCG since 2009 when it bought around 43% of its shares for €430 million. For the past couple of years, EPCG has had stable finances and currently holds €52 million of unallocated earnings. During the last 7 years, the company reportedly invested €180 million.
A2A to exit Montenegro
Italian A2A is ready to part with its share of the Montenegrin main utility company Elektroprivreda Crne Gore (EPCG). A2A currently holds 41.7% of shares, for which it paid €434 million in 2009. The Montenegro government has a 57% stake and the right of first refusal (ROFR) for the A2A package valued at €250 million. Despite claims that the Pljevlja II project is not to blame for this parting, it certainly had a detrimental effect on the relationship between two partners. Sou
Montenegro and A2A discussing EPCG
Montenegro and A2A are discussing terms regarding the operation of the Montenegrin main utility EPCG. Previous Partnership Agreement on running the firm ended in December and was used to set terms regarding the construction of TPP Pljevlja II and state control of the management. In addition, it also discussed arbitration and compensation issues between the two sides. According to SEEBiz, negotiations are close to finish with only the A2A buy-out clause of €250 million remaini
