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Hera’s shareholder structure is particular among Italian utility companies, as it does not have one shareholder with absolute control while its shareholder base consists of almost 22,000 private Italian and foreign investors (natural and legal persons active in non-financial activities) and 186 public shareholders (mainly the Municipalities of the Provinces within the local area of reference) and finally 465 professional investors (consisting of legal persons employed in activities of the financial area, such as insurance, banks, trusts, banking foundations, mutual funds, pension funds and hedge funds).