Here’s how Cdp will save Ansaldo Energia
The letter from Cdp has arrived with which it opens the recapitalization of Ansaldo Energia, possibly with the help of other parties. Satisfied trade unions and workers. Today's strike was lifted, Friday 14 October. What will happen now
Cdp quells the protest of Ansaldo Energia workers.
Yesterday Cdp Equity, majority shareholder of the company (88%), clarified its position with a note, opening the possibility of a capital increase and the possible entry of new shareholders in the shareholding structure.
A move that calmed yesterday's difficult day which saw the occupation of the Cristoforo Colombo international airport in Genoa by Ansaldo Energia workers. The unions Fim-Cisl and Fiom-Cgil proclaim the state of agitation. This summer, the energy plant company controlled by Cassa Depositi e Prestiti informed the unions of a possible reduction in working hours in the first and second quarter of 2023. The estimated cut will be 45 thousand hours, 20% of the total, in each of the two periods considered.
The trade unions immediately asked for a recapitalization and a clear commitment from Cdp for Ansaldo Energia (2400 employees in Valpolcevera).
"Ansaldo Energia is rapidly finalizing the revision of the new industrial relaunch plan", explained Cdp in the note sent yesterday, adding that on the financial side "all possible intervention initiatives are being evaluated, including the recapitalization of the company possibly with the competition of other subjects ".
After reading the document to the workers of Ansaldo Energia, in mobilization to defend the work, the Genoese airport is free again. The corporate Rsu Fiom CGIL and the other trade unions have therefore decided to suspend the 8-hour strike called for Friday 14 October.
All the details.
THE NOTE FROM CDP EQUITY
“Cdp Equity confirms that the development of Ansaldo Energia's current situation is being followed with the utmost attention and priority to protect the interests of the Company and all the parties involved. In this perspective, given the strategic nature of the investment in Ansaldo Energia, he points out that a process has already been started to ensure the relaunch of the Company according to the following main steps ".
Thus begins the letter from CDP released yesterday afternoon.
THE INDUSTRIAL PLAN
“Ansaldo Energia is rapidly finalizing the revision of the new industrial relaunch plan”, the majority shareholder of the company anticipates “which will take into account the changed macro-economic context, the geo-political impacts and the changing needs of the sector. In parallel, the Company is defining with the shareholders and the financing banks the financial maneuver necessary to guarantee its implementation ”.
THE OPENING OF CDP TO THE RECAPITALIZATION OF ANSALDO ENERGIA
"In this context, – continues the note from Cdp – all possible intervention initiatives are being evaluated, including the recapitalization of the company possibly with the help of other parties, also through the conversion of the shareholders' loan of 200 million euros to equity. disbursed by CDP Equity in 2019, with the aim of strengthening the company and preserving its skills and value ".
TIMES
"Immediately thereafter, Cdp Equity, in compliance with the statutory provisions, will submit to the competent decision-making bodies participation in the maneuver, a process that it is hoped will be completed by the end of the current year".
Cdp then concludes that, «to protect its investment, it has been supporting management for some time to strengthen the company's commercial relations, also in order to facilitate the acquisition of new orders. To this end, collaboration on the part of everyone is crucial to ensure the smooth running of the business and to preserve the reputation and commercial potential that Ansaldo has in Italy and abroad ".
THE ROLE OF SHANGHAI ELECTRIC
According to Il Sole 24 Ore , the other party to participate in the recapitalization of Ansaldo Energia "even if it seems unlikely, it could be the second shareholder, with 12%, of Ansaldo: the Chinese Shanghai Electric, ed."
THE FIOM SATISFIED
“An excellent result”.
This is how the Genoese secretary of Fiom Stefano Bonazzi defines the note of the CDP which arrived after the long day of occupation by the workers of Ansaldo Energia, of the Cristoforo Colombo airport, reports Ansa . “It is a draw away from home, as was said by the delegates of Fim and Fiom, obtained by the struggle of the workers after two complicated days. It is the first step on a path that will still be long – Bonazzi points out – but today's result is extremely positive ".
AND THE CISL
"The response from Cdp arrived in the late afternoon, which finally takes into account the recapitalization, the strategic nature of Ansaldo Energia and the necessary relaunch", wrote CISL Liguria Secretary General Luca Maestripieri and Fim Cisl Liguria Secretary General Christian Venzano in a note. "Following this, the strike initiatives are concluded, but it must be clear to all the parties involved that this is only the first step in securing and relaunching Ansaldo Energia, of which the direct consequence must be the security of employment. of employees and direct and related employees – conclude the trade unionists.
Venzano himself explained last week in the Northwest of the Sole 24 Ore that "Ansaldo Enegia is without orders in 2023 due to government decisions, dictated by the current contingency and by the stop to reconversion for three Enel coal plants but blocking the energy transition in fact yes it damages the company and decarbonisation is slowed down ”.
ACCOUNTS IN LOSS
Without forgetting the financial situation. The economic result for the first half was negative for 442 million euros and net debt to third parties amounted to 787 million. In 2021 Ansaldo Energia had recorded a profit of 32 million, revenues of 1.4 billion and Ebitda of 160 million, Startmag summarized on 2 August. Therefore, the board of directors established that Ansaldo Energia's financial position “integrates the conditions set out in article 2446 of the Italian Civil Code”, relating to the reduction of the share capital. He therefore called the shareholders' meeting for next October 31st.
THE POSITION OF UILM
Finally, the position of Uilm, which had not adhered to the general strike of metalworkers proclaimed for tomorrow and then revoked
“I take note of the note from Cdp. These are issues that Uilm has supported throughout this story that has affected the Company. Of course, many lacked imagination and interpretative ability of the situation. I wonder, was it necessary to exacerbate the situation through a mobilization, supported by Uilm, but which was exaggerated in the face of the fact that the further clarifications of CDP had already been highlighted to the unions by the institutions and the Prefect? " Antonio Apa, coordinator of Uilm Liguria, put pen to paper in a note. "This is why Uilm has always taken a responsible attitude – he concludes – and the open letters I sent to CDP and the institutions at the time substantially contain what is written in the last note of CDP Equity".
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/energia/ecco-come-cdp-salvera-ansaldo-energia/ on Fri, 14 Oct 2022 10:36:04 +0000.