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Italgas posts third-quarter core revenue up 10.9% ahead of 2i Rete Gas acquisition

Europe's most significant gas distributor Italgas on Thursday reported 10.9% growth in thirdquarter adjusted core revenues, pointing out greater gas distribution turnover and cost cuts, as it prepares to gain the take advantage of its combination efforts.

Changed incomes before interest, tax, depreciation and amortisation (EBITDA) were 1.01 billion euros ($ 1.09 billion),. with gas circulation revenue up 11.5% at 1.21 billion euros.

The group, which has concurred this month to purchase smaller rival. 2i Rete Gas in a 5.3 billion euro deal, intends to release a rights. concern of 1 billion euros to fund the acquisition.

The Strategic Plan 2024-2030, that includes the. integration of 2i Rete Gas sets further and more ambitious. objectives in regards to financial investments, achievement of green shift. targets, and worth creation for all our stakeholders, CEO Paolo. Gallo said in a declaration.

Under its latest business plan published after striking the. deal, Italgas anticipates its turnover to reach 3.6 billion euros. and its core earnings to be 2.8 billion euros by 2030.

The board of directors likewise authorized the renewal of the Euro. Medium Term Notes (EMTN) Program for a nominal amount of up to. 10 billion euros, it stated in a separate statement on Thursday,. intending to release one or more bonds meant for institutional. investors within one year from now.

(source: Reuters)