Changement in shareholdership

The Milan municipal utility AEM S.p.A. informed today that they could acquire 165'605 shares of the Aare-Tessin Ltd. for Electricity (Atel). This acquisition makes AEM S.p.A. Atel's fourth-largest shareholder, with a 5.4% interest in the company.

AEM Milano becomes an Atel shareholder

This move is in line with the AEM S.p.A. strategy of strengthening ties to a major European electricity company. Atel, which owns an interest of around 5% in AEM S.p.A., can expand its link with an important player in the Italian electricity market. Both companies have long-term mutual business relationships. They are industrial partners in Edipower S.p.A., which acquired the former Enel production company Eurogen in March 2002.

AEM S.p.A. is an Italian company headquartered in Milan. It is involved in electricity generation, transmission, trading and sales, as well as gas and thermal supplies, telecommunications, and the services sector via a series of shareholdings and subsidiary companies.

AEM S.p.A. was founded in 1910 as the city of Milan's "Azienda elettrica municipale". It converted to a limited-liability company in 1996. In 1998, 49% of its equity capital was listed on the Milan stock exchange. Because of the electricity and gas market liberalisation, AEM S.p.A. today comprises a group of companies operating in a variety of business sectors. Strategic alliances with industrial and financial partners buttress AEM S.p.A. development strategy. The AEM Group employed 2,500 people in 2001 and achieved sales of 1,112.5 Euros, with reported cash flow of 197.2 million Euros.

Aare-Tessin Ltd. for Electricity Corporate Communications