Mytilineos [ASE:MYTIL], the Greece-based metals, mining, and energy conglomerate, is actively looking at a raft of M&A plans alongside its plans to list shares on the London Stock Exchange, two sources familiar said.

The company has a multi-pronged strategy which involves both the dual listing in London, as well as acquisitions and portfolio divestments, the sources said.

New acquisitions could be a mixture of energy sector buys (both green, traditional and in metallurgy), the first source said.

The same source pointed to Mytilineos asset rotation programme, which enables it to use the proceeds from the divestment of assets such as those recently gained from the sale of its 2,000MW solar portfolio in Italy, Bulgaria, Croatia, and Romania to Greek energy giant Public Power Corporation (PPC) [ASE:PPC], and use of the proceeds to acquire additional renewable or other portfolios.

An example of the type of new asset purchase it might pursue could be similar to its solar plant acquisition in Canada with projects of1500 MW last June, which saw a CAD 1.7bn investment of the Alberta Solar PV Portfolio from Westbridge Renewable Energy.

London calling

The potential dual listing plan will go ahead, and as per yesterday’s (26 April) press release, the timeline is within the next 12-18 months. However, given a positive backdrop, it is possible to move ahead fairly quickly with the listing and teams are in London making preparations, the sources suggested.

A team has already been working in London the last two weeks on the LSE listing, one of the sources said; Mytilineos is already listed on the Athens Stock Exchange.

The timing of the dual listing is fortuitous, given rising sentiment towards Greece as well as its recent upgrade to investment grade, the second source said.

Mytilineos has been on an expansion streak in the last couple of years, though has suffered slightly from energy and metal prices decrease an ECM banker familiar, but not acting on the deal said.

The dual listing demonstrates Greek ECM is getting better and better, he said.

Management is smart and knowledgeable, they know what they are doing; they are likely to have identified better comps in London which makes sense when you look at sector stocks like Glencore [LON:GLEN] and Rio Tinto [LON:RIO], the ECM banker said.

The listing follows the IPO of Athens International Airport [ATH:AIA] and shows that Greek companies have started to take their ECM fate into their own hands, he added.

Citi and Morgan Stanley are acting as financial advisors. Clifford Chance is acting as an international legal advisor, Zepos & Yannopoulos is acting as a legal advisor in relation to Greek law and EY is acting as an international tax advisor to Mytilineos, the release said.

Mytilineos declined to comment.