Hera S.p.A. (BIT:HER) will look for M&A. Cristian Fabbri, Executive Chairman said, "As far as M&A is concerned, we talk about opportunities whenever we see them, whenever we have something tangible to share. But keep in mind that we're always active, and we're always careful when it comes to creating value. So we want to make sure that our M&A is never dilutive.

We want to make sure that the multiples are consistent with value creation. So it's not M&A for M&A's sake. It needs to be consistent with our business profile.

It needs to allow us to create synergies, so that we can create value for all of our shareholders, and that continues to be our golden rule. But we're always focused on M&A. We're always looking for possible opportunities. Some, we stimulate; some opportunities are there, although they aren't often in line with the rules given ourselves, which is the fact that we have to create value".