Bloomberg News

Edison’s Italian Shareholders Seek 100% of Edipower

September 02, 2011

Sept. 2 (Bloomberg) -- Edison SpA’s Italian shareholders would like to keep 100 percent of its Edipower unit in exchange for giving Electricite de France SA control over Italy’s second biggest power company, Iren General Manager Andrea Viero said.

The Italians would like to keep all of Edipower and set aside the possibility of a put option on Edison which had previously been discussed in negotiations with EDF, Viero said today on the sidelines of a conference in Cernobbio, Italy.

“I don’t think anyone on the Italian side is interested in the put at this point,” he said. “I doubt, however, that the French will be interested” in giving all of Edipower up.

A preliminary agreement reached in March between EDF and Italian shareholders was held up by disagreements among shareholders on how to split company assets and opposition to a French takeover from the Italian government. EDF Chief Executive Officer Henri Proglio said July 29 he won’t renegotiate a deal on Edison until Italian authorities give their approval.

EDF managers and Italian Industry Minister Paolo Romani will meet on Sept. 5 to discuss a possible deal, Viero said, adding that “a political solution” was the only way out of the current impasse.

To contact the reporter on this story: Alessandra Migliaccio in Rome at amigliaccio@bloomberg.net

To contact the editor responsible for this story: Marco Bertacche at mbertacche@bloomberg.net


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