EDF CFO: Would Own 80% In Edison If New Offer Accepted

French state-controlled power giant Electricite de France SA (EDF.FR) will own 80% directly and indirectly in Italian utility Edison SpA (EDN.MI) from 50% currently if its latest offer to Italian partners is accepted and the put option exercised as planned in three year's time, EDF's Chief Financial Officer Thomas Piquemal said Monday.

Earlier Monday, EDF said it offered to buy out investment vehicle Delmi from Edison, although it fell short of giving an exact price per share. EDF proposed buying Delmi's Edison shares in three year's time, at a price based on the earnings before interest, tax, depreciation and amortization, or Ebitda, multiple of a sample of comparable listed companies.

Edison is 61.3% held by Transalpina di Energia, itself 50% held by EDF and 50% by Delmi, which in turn regroups Italian shareholders led by A2A SpA (A2A.MI) and including Iren SpA (IRE.MI). EDF owns 19% in Delmi.

Speaking in a conference call, Piquemal noted that the new proposal offered a put option to the Italian partners, allowing them to be bought out later, when markets are less depressed and Edison's share price higher than currently.

Piquemal admitted that the agreement reached between EDF and its Italian partners in March this year was "still doable" even though it didn't include any put option and said that should no agreement be found by the Oct.31 deadline, Edison could will find itself dismantled and sold bit by bit through auctions.

EDF and Edison's Italian shareholders have been entangled in long talks over the utility's fate, trying to reach a deal that would give clear control of the Italian utility.

-By Geraldine Amiel, Dow Jones Newswires; +33 1 40171767; geraldine.amiel@dowjones.com

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