Libya Looks at Taking Stake in Italy’s Enel

According to the Wall Street Journal, “Libya’s sovereign-wealth fund may take a minority stake in Enel SpA as part of the Italian utility’s planned capital increase, according to Enel’s chief executive and Libya’s ambassador to Italy. In an interview, Enel CEO Fulvio Conti said the Libyan Investment Authority had recently expressed interest in taking a minority stake in the Italian utility. The fund could either buy shares in the open market or subscribe to an €8 billion ($10.9 billion) capital increase that Enel is planning in order to cut its debt load, Mr. Conti said.

‘We would welcome their ideas. It is premature to say how much and if and when they would participate,’ Mr. Conti said.

Mr. Conti has been making the rounds with investors in recent weeks to drum up support for the capital increase. A week ago, the executive traveled to Libya to make a presentation about Enel to Abdulhafid Zlitni, head of the LIA, said Hafed Gaddur, Libya’s ambassador to Italy.”

read more: Wall Street Journal

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