* EGP is a wholly owned subsidiary, in exchange for 0.486 shares of Enel * Starace announced job cuts of 14% in 2014 to 19 * The plan does not mention the broadband. AD: will be inserted in 2016 * Stocks down after ads (Adds adviser, updates prices) ROME, Nov. 18 (Reuters) – Enel the day in which it approved the integration with the subsidiary for renewables Enel Green Power (EGP), the size slightly core earnings guidance for the next two years. EGP will be wholly owned by Enel (now 69%) and will be delisted at the effective date of the spin-off expected by the end of the first quarter 2016, after the green light of the extraordinary meetings convened on 11 January. From a financial perspective the split provides an exchange ratio of 0.486 shares in Enel EGP per share, with no cash payment. The synergies are expected to 800 million euro in terms of value creation, “allowing it to accelerate the growth of EGP and those of the other lines of business,” said Francesco Starace, CEO of Enel, formerly CEO of EGP in During the conference call with analysts. Financial Adviser of the operation are to Enel Credit Suisse and JP Morgan; EGP for Barclays and Mediobanca. Presenting the plan from 2016 to 2019, Enel in a statement he said he expected next year a recurring EBITDA of about 14.7 billion euro and approximately 15.5 billion in 2017. More …
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