Italy Regulator Asks EDF, A2A For More Edison Deal Information
December 28 2011 - 8:28AM
Dow Jones News
Italian stock market regulator Consob confirmed Wednesday it has
asked local utility A2A SpA (A2A.MI) and Electricite de France SA
(EDF.FR) for more information about a Tuesday agreement ending
their long-running spat over control of Edison SpA (EDN.MI), adding
it expects a statement in the coming days.
"We have asked EDF, Edison and the Italian shareholders to give
the market more information about the deal," said a person at
Consob's press office.
Italian power utility Edison could not be immediately reached
for comment.
On Tuesday, EDF and municipal utility A2A announced preliminary
plans for the French company to increase its stake as part of the
long-awaited takeover of the EUR4.4 billion company. A2A-controlled
holding company, Delmi, would garner a 70% stake in local power
generator Edipower, in which Edison has a 50% stake, and which owns
nine electricity plants in Italy.
Consob is seeking clarification on four issues. The first
regards what criteria EDF and Edison used to set the price of
EUR0.84 a share for a deal which will see EDF increase its stake in
Edison to 80.7% from today's 50%.
The second is when EDF will re-submit the paperwork to Consob
asking it for an opinion on the price of an upcoming bid to buy out
Edison's minority shareholders. EDF has to re-submit the request
since the agreement announced Tuesday is different from the one
reached by the two parties earlier this fall.
Thirdly, Consob has requested further information on an
agreement for Edison to supply natural gas to Edipower in a
six-year contract. The regulator wants to know what benchmark
"market price" the companies used when agreeing the contract.
Finally, Consob is seeking more information on how EDF and
Edison are complying with specific procedures governing Italian
transactions among themselves and other parties considering the
close ties that exist in the Edison shareholding.
-By Jennifer Clark, Dow Jones Newswires; 39 02 58 21 9904;
jennifer.clark@dowjones.com
(Liam Moloney contributed in Rome.)
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