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Fondo Strategico Italiano Chief Executive Officer Maurizio Tamagnini finalized today, during the Italy-China Business Forum that took place in Beijing, the long-term strategic agreement between Fondo Strategico Italiano and Shanghai Electric Corporation, signed in Genoa last May 8th
Mr. Tamagnini signed the agreement in the presence of the Italian Prime Minister, Matteo Renzi and Chinese Premier of the State Council, Li Keqiang.
The agreement provides the acquisition by SEC of 40% of Ansaldo Energia (AEN) and the establishment of 2 joint ventures between AEN and SEC for the production of gas turbines for the Asian markets and for the development of an R&D center in Shanghai. In December 2013, FSI acquired 85% of AEN from Finmeccanica and from First Reserve fund.
More specifically, FSI is selling to SEC 40% of AEN for a consideration of 400 million euros. At the same time, two joint ventures established between AEN and SEC will be both synergic to the Genoa plant.
A cooperation project between R&D center in Genoa and Shanghai will also be launched for the development of a new gas turbine technology.
Closing of the transaction is expected within the end of the year, following Government and antitrust approvals.
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