Edison SpA (EDN.MI) shareholder A2A SpA (A2A.MI) said late
Monday its management board has agreed on the outlines of an
industrial and shareholding reorganization of Edison, which will
give Electricite de France SA (EDF.FR) control of the power
company.
In a filing to the Italian stock exchange, the company said that
the shareholder pact between EDF, A2A and Delmi, which expired
Monday, will be extended until Friday to get the green light from
A2A's supervisory board and Delmi's board of directors. If the
boards approve the operation the shareholders' pact will be
extended until Nov. 30 to reach a binding agreement.
"From an industrial point of view the transaction would
significantly strengthen the position of A2A and the other
shareholders of Delmi in the renewables sector," the A2A statement
read.
EDF presently holds about 50% of Edison directly and indirectly,
but the French giant has been pushing for more direct control
following a series of costly natural gas contracts that have marred
Edison's financial performance.
Edison is 61.3%-held by Transalpina di Energia, itself 50%-held
by EDF and 50% by Italian shareholders Delmi, which in turn is led
by A2A.
Exchange website: www.borsaitaliana.it
-By Enza Tedesco, Dow Jones Newswires,
enza.tedesco@dowjones.com