Bloomberg News

EDF Abandons Request for Exemption From General Offer for Edison

December 29, 2011

Dec. 29 (Bloomberg) -- Electricite de France SA abandoned a request for an exemption from making a general offer for Edison SpA as part of the biggest European power generator’s proposal to increase its holding in the Italian utility.

EDF, the Paris-based state nuclear operator, had sought the exemption or, if regulators still demanded an offer, a maximum price of 84 euro cents per Edison share, under a previous deal reached in October. It’s now asking markets watchdog Consob only for the price ceiling, according to a Dec. 27 statement.

“There is no longer a request for an exemption,” Carole Trivi, a spokeswoman for the nuclear power producer, said by telephone today. “We are awaiting a decision on the price.”

Representatives of Italian shareholders of Edison and EDF will meet with Consob tomorrow to answer its questions, said A2A supervisory board Chairman Graziano Tarantini, Ansa reported.

EDF made Consob’s approval of the ceiling a condition of an agreement to raise its stake in Edison to 80.7 percent for about 700 million euros ($903 million). The French power company would effectively exchange half of Edipower, an Edison subsidiary, for the Italian shareholders’ 50 percent holding in Edison.

EDF, with half of Edison already, has been trying to take full control for more than a year to get natural-gas resources and markets in southeastern Europe and the Mediterranean basin.

Edison is the latest Italian company to be taken over by the French after Groupe Lactalis won control of Parmalat SpA and LVMH Moet Hennessy Louis Vuitton SA bought Bulgari SpA in 2011.

--Editors: Tony Barrett, Reed Landberg

To contact the reporter on this story: Tara Patel in Paris at tpatel2@bloomberg.net Alessandra Migliaccio at amigliaccio@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net


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