Kinh nghiệm IPO của tập đoàn điện lực ENEL - Italia

( Soil (76) - 2009 ) TAI CHiNH QU6C T^

KINH NGHIEM IPO CUA TAP DOAN DIEN Ll/C

I 'V.. ENEL - ITALIA

'ill

i ,\ ' Th.s. Didm Thj Thanh Hiii

Gidng vien khoa TCDN

Cong cugc ed phdn hda edc diHinlt nghiip nhd nttife quy md lifn mid dang thitc stt hdt ddu vd con

dudng ddi vdn con dphia tritdc. Viic nhgn thitc tit duy dung vd tim ra dugc phittfng cdch mdi

se giup cong cugc ddi mdi kinh le eua Viit Nam dien ra thdnh cdng, ddng thdi giitp dgt ditgc

muc diu phdt trien ben vdng Idu ddi eho thi tntcfng viin. Trong he'd eanh hogt dgng cd phdn hda vd

IPO ciia cdc doanh nghiip "hd nitdc vdn cdn dang d trong linh trgng "lung lung " vd "lib ditdng ",

dpligm vi hdi viit ndy tdc gid xin gidi thiiu kinh nghiim ed phdn hda vd chdo bdn rgng rdi ra cong

chung (IPO) ctia Tgp dodn diin Ittc ENF.L, mgl lap doiin cung cdp cdc dich vu ve diin ndng lifn nhat

Italia vd ddy cung Id mgl IPO thdnh cdng lifn tnmg heh sit IPO cua Italia.

Vao dilu nhu'ng ndm 90, lai

halia da bdt dilu ed nhu'ng

chuydn bid'n sdu sdc ve cd eau

nen kinh td' ddc bidt trong ITnh

vUc kinh id nha nUdc. Vdi sU ra

ddi ciia hang loal cae luiil djnh

da eho phep khdi ddng mdt qua

trinh CO phan hda ram rd ma

dd'n nay van chUa kd'l thuc.

Mdt so' ly do chinh khid'n

cho hidn tUdng cd' phan hda

didn ra ram rd uong khoang thdi

gian nay Id:

- Su ra ddi ctia hang loat

cac luat djnh cua cdng dong

Chau Au ve mdt Id do hda thi

trUdng, khdng ep budc cdc qud'c

gia thanh vidn phai cd' phan hda

ma ngUdc lai khuye'n khich su

cd mat ctia thanh phan kinh Id'

nha nudc Uong cdc cdng ty tuy

nhidn khdng dUdc giiip dd cac

cdng ty nay.

- Ban than ITALIA liic

dd can mpl sd' lUdng tien mat

ldn nhdm dd'i mdt vdi cac khoan

nd cila Qud'c gia vd dong thdi

vide cd phan hda cung giiip cho

cdc cdng ly lam dn cd hipu qua

hdn.

- Su mat tin tudng vdo

thanh phan kinh Id nhd nUde

vdo nbi/ng ndm 90 do id nan

tham nhung gia ldng.

- Dieu 47 Uong lual phdp

Italia cung da khuyd'n khich va

khich Id vide lham gia quan ly

cua mpl cdng ty dUdi tUcach Id

mpl CO ddng.

Vdi ta't ca nhi/ng ly do Udn,

mdt loal cdc cdng ty nha nUdc

ldn, cung cap cdc djch vu lien

ich cho xa hdi cung dd Ian lUdt

dUdc cd' phan hda vd nidm yd'l

trdn eac tbi uudng tai chinh ciia

Italia va qud'c id'Uong thdi gian

ndy nhu IRI, ENI, ENEL vd

INA.

Tom tdt lich suf cua Tdp

doan ENEL

ENEL ldi cd ca'u cdc hoat

ddng

Ndm 1999, Tap dodn

ENEL ky ke't mdt hdp dong lidn

doanh Joint Venture vdi hang

Telecom ciia Phap va Telekom

ctia Ddc vdi tdn la Wind (trong

dd ENEL gdp 51% vd'n cd'

phan). Wind chuyen cung cap

cdc djch vti ve mang didn thoai

cd'djnh, di dpng, Internet va san

xua't cac phan mem dng dung

giai ui khac. Van trong ITnh vi/c

vien thdng, ndm 2000, ENEL

mua lai cdng ly Infostrada dd

ciing Wind dUa ra mdt nha cung

cap cdc djch vu didn thoai mdi.

Cting trong ndm dd, Telekom

ciia Ddc riit khdi lien doanh nay

va ban Iai cd' philn cho ENEL.

Ndm 2003, dd'n lUdt Telecom

ciia Phap eung ban lai co phan

ciia cila minh cho ENEL vd nhU

vay ENEL trd thanh ehii sd hi/u

duy nha't eiia WIND. Vdo cud'i

nhu'ng ndm 90, ENEL quyd't

dinh tham nhap vao thj UUdng

cung cap va thodt nUde vdi vide

mua lai cdng ty Acquedotti ciia

vimg Puglia, Sogesid - cdng ly

thodt nUdc vung Puglia va

Basilica.

Cdng ty ciing bdt dau cac

boat dpng cd phan hda cdc

Tap chf nghien cdu Tdi chfnh ke'todn <53^