Shareholding

The controlling shareholders of A2A are the Municipality of Milan and the Municipality of Brescia, respectively with a participation of 27.5%. 

At December 31, 2011 A2A share capital amounts to 1,629 million euros, divided into 3,132,905,277 shares with a par value of 0.52 euro each. All shares are voting shares, although - as laid down in art. 9 of by-laws - no individual shareholder other than the Municipality of Milan and the Municipality of Brescia may hold an equity interest exceeding 5% of the share capital. Should such ceiling be exceeded, the voting right attached to the shares held in excess of 5% of the share capital may not be exercised. A2A holds 26,917,609 own shares equal to 0.86% of the share capital.

Below, the structure of the shareholding of A2A.

Updated at 15 May 2012 

At the moment there is no share buy-back program. Institutional investors represent 16.3% of the share capital (18.5% in 2010). About 50.0% of the free float owned by institutional investors is held by Italian investors, 9.1% by American investors, 9.0% by German investors. Other relevant
countries are UK (6.7%), France (6.1%), Netherlands (3.3%), Switzerland (3.2%, excluding Alpiq AG). The retail investors are approximately 116,000 and own 17.6% percent of the share capital (in 2010 they represented the 15.2%). 99.7% of the retail investors live in Italy and in particular 57.0% of them are in Lombardy, the region where historically A2A has been more active.
Investors from the provinces of Milan and Brescia own respectively 26.0% and 12.7% of the total retail shareholding.
The above-mentioned data are based on the shareholders register updated at 24 November 2011 (dividend payment date)

For further information about the shareholders that hold, directly or indirectly, a significant stake in the company (i.e., more than 2% of the share capital), please visit the Consob website.