What will happen to Ansaldo Energia (which applies the bite)
While Marino is preparing to leave his position as CEO, Ansaldo Energia is preparing for the recapitalization amid some doubts: CDP has confirmed its commitment, but what will the Chinese of Shanghai Electric do? The Genoese company, meanwhile, reminds employees of the obligation of confidentiality. Facts, names and rumors
Big changes in Ansaldo Energia. In addition to the recapitalization – confirmed by Cassa depositi e prestiti, which controls the energy plant company with an 88 percent stake – and a new industrial plan, the CEO will also be replaced.
GIUSEPPE MARINO LEAVES ANSALDO ENERGIA
In fact, Giuseppe Marino will leave the position he held from October 2019 to the end of March, in just over a month, to return to Hitachi Rail, the Genoese division specializing in railway systems of the Japanese conglomerate Hitachi.
On the other hand, there will be no changes to the composition of the Ansaldo Energia board of directors.
THE NEW INDUSTRIAL PLAN
Last August, the company announced a loss of 442 million euros and a net debt to third parties of 787 million, explaining that – due to this "situation of financial tension", also due to the crisis in gas prices and supplies, which they stopped some orders – it would not have been able to achieve the economic objectives set in the 2022 budget and to implement its industrial plan.
Ansaldo Energia's new plan , therefore, is based on four priority objectives: the rationalization of the activities of the New Units unit, dedicated to new gas turbine contracts; the increase in the share of revenues from the Service unit; the development of Ansaldo Green Tech and Ansaldo Nucleare (the two subsidiaries most aligned with the transition process to low-carbon sources); the focus on cash dynamics.
WHO WILL PAY FOR THE RECAPITALIZATION?
The capital increase will concern the two shareholders of Ansaldo Energia: namely Cassa depositi e prestiti (in turn controlled by the Ministry of the Economy), which has already confirmed its willingness to proceed; and Chinese power company Shanghai Electric, which owns a 12 percent stake and whose intentions are unclear.
WILL THE CHINESE OF SHANGHAI ELECTRIC TAKE A STEP BACK?
As La Repubblica reconstructs, in the previous capital increase of Ansaldo Energia, Shanghai Electric did not participate, reducing its stake in the company from 40 to the current 12 percent.
If Shanghai Electric were to pull back from the new recapitalization – writes the newspaper – "a new structure could emerge, with incoming shareholders and key directors ready to join the board. But who could they be? Investment funds, but also private companies in the energy sector. Not large groups interested in minority shareholdings, but Italian companies willing to support a company like Ansaldo Energia".
ANSALDO ENERGIA REITERATES THE CONFIDENTIALITY OBLIGATIONS
In an internal note addressed to employees dated 7 February, Ansaldo Energia's management reminds "all personnel […] of the obligation to always guarantee the utmost confidentiality on all news and information for any reason and in any form acquired in relation due to the employment relationship with the company”.
“We therefore reconfirm”, we read, “the prohibition to divulge information, the diffusion and use of which could cause prejudice or damage, also to the image, for the Company itself. Any violation of the duties of confidentiality, seriously compromising the relationship of trust with the Company, may expose the authors, if their responsibilities are ascertained, in addition to the internal disciplinary consequences, also to possible criminal and civil actions in the competent offices" .
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/energia/ansaldo-energia-ricapitalizzazione-cosa-succedera/ on Tue, 07 Feb 2023 11:39:35 +0000.