ENEL Enel Spa

Italy's biggest utility Enel is among the most mentioned companies across global news over the past 12 hours, according to Factiva data, after the company unveiled a plan to sell assets in order to cut debt and adopt a leaner structure going forward. The Rome-based energy player's balance sheet has been a core area of focus for investors over the past months. Enel now seeks to raise around EUR21 billion through disposals, reducing net debt toward a range of EUR51billion-EUR52 billion by the end of next year from an estimated EUR58 billion-EUR62 billion in 2022. "The new plan should come as a strong positive," analysts at UBS said in a research note. "We expect investors to appreciate the disposal and simplification plan, reduction of net debt, continuation of renewable deployment without any downside to last year's plan on earnings or dividend." Dow Jones & Co. owns Factiva. (giulia.petroni@wsj.com)

(END) Dow Jones Newswires

November 22, 2022 06:36 ET (11:36 GMT)

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