Enel tweaks tender
Enel will ask the 12 bidders that submitted indicative offers for its gas distribution network only to bid for the equity value of the 70% stake it has put up for sale. Instead of a staple loan, it has now asked advisers Intesa and Morgan Stanley to launch a tender for the debt financing of the target company in an effort to save on arranging fees. Memos to banks are expected this week.
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