![](https://www.pymnts.com/wp-content/uploads/2022/09/Gasoducto-Foto-Ilustrativa-e1632236514348.jpg)
Italy’s antitrust regulator on Friday blocked the sale of renewable energy group ERG’s 188 million-euro ($182.17 million) unit, that housed its gas and hydro power plants, on competition concerns, ERG said in a statement.
ERG had agreed in February to sell the unit, called ERG Power, to utility Enel, as it looked to complete its transformation into a pure wind and solar company.
The regulator said a deal would have benefited Enel and would have eliminated or reduced competition in relevant markets, ERG said in a statement.
ERG said it will evaluate a plan to divest ERG Power in the coming months. The renewable energy company confirmed its year-end EBIDTA guidance range of 485 million euros to 515 million euros. However, it updated its expected net financial position for the period to a range of 1.55 – 1.65 billion euros from 1.4 – 1.50 billion euros.
“In light of what has emerged, we will evaluate the possible options to valorise the asset as best we can while confirming the growth targets in our Industrial Plan,” Paolo Merli, ERG’s chief executive officer, said.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Geradin Partners Expands Paris Office with Key Hire
Aug 30, 2024 by
CPI
Judge Accuses Google of ‘Clear Abuse’ in Antitrust Case Over Deleted Employee Chats
Aug 29, 2024 by
CPI
Hong Kong Cleaning Company Employee Charged in Historic Antitrust Investigation Case
Aug 29, 2024 by
CPI
Inside the Yelp Suit: Allegations of Google’s Abuse of Search Power
Aug 29, 2024 by
CPI
AI Safety Bill Clears Hurdle in California, Heads to Governor’s Desk
Aug 29, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – State Attorneys General
Aug 22, 2024 by
CPI
CPI Talks… …With Attorney General Phil Weiser
Aug 22, 2024 by
CPI
The Bipartisan Miracle of State Antitrust Enforcement
Aug 22, 2024 by
Gwendolyn J. Lindsay Cooley
Recent Developments in State Antitrust Enforcement: Agriculture and Food Markets
Aug 22, 2024 by
Elizabeth R. Odette
State Attorneys General: Stewards of Consumer Health and Welfare
Aug 22, 2024 by
Brooke Howlett Lovrovich