bag, runs on assumptions Edison takeover, shareholders agreement to riasssetto
Monday, 28 February 2011 11:37 Print this article [-] Text [+] LONDON, Feb. 28 (Reuters) - Officially, none of the parties confirmed, but the feeling is that the shareholders of Edison (EDN.MI: Quote) - the Italian utility A2A (A2.MI : Quote), Irene (IREE.MI: Quote) and EDF (EDF.PA: Quote) - are a step ahead of the board of directors by Foro Buonaparte 14 March 2010 next to the accounts and the possible devaluation of some assets. March 15 is the deadline to renew the shareholders' agreement regulating the governance of the Italian group.
details there are, however, according to a report in the Italian press over the weekend, the draft agreement stipulates that EDF becomes formally l'azionista di controllo di Edison, visto che oggi già detiene il 50% circa del capitale fra quote dirette e indirette, mentre A2A restrebbe socio di minoranza, come è già ora.
La novità è che verrebbe meno il controllo congiunto e paritetico della società energetica e quindi, a questo punto, Edf potrebbe essere costretta a lanciare l'Opa sulle minoranze. In cambio A2A riceverebbe anche asset, attraverso il break up di Edipower e contanti.
Edf e A2A, inoltre, potrebbero creare una jv per vendere l'energia elettrica agli utenti finali, evitando in questo modo gli attriti che si sono verificati di recente a causa dell'ingresso nel settore retail, tradizionale cavallo di battaglia di A2A, anche di Edison.
"Lawyers should persentare Consob already in the draft of the cartel in order to understand whether there is an obligation to bid," he told Reuters a source familiar with the matter.
The market, which has long speculated on takeover bid of the French, is back today believe it to 11.30 the title salt of 3.32% to 0.9015 euro. Well also A2A (A2.MI: Quote), which gains the first, 23% to € 1.1540.
Mediobanca, which is a shareholder with a small share in Delmi, the holding company controlled by A2A A2.M further up the chain of control of Edison, in today's report speaks of "the same old story, we are coming to an end?".
"EDF and A2A would be close to an agreement satisfactory to emtrambi on the restructuring of the control structure of Edison, ending one of the most striking examples of recent agreements that have led to value destruction. "
According to another source close to the Italian shareholders' meetings and continuing today, at the moment, no one can speak of an agreement itself. There are too many points to be clarified. "
aspects to be clarified regarding how unpack Edipower, 50% controlled by Edison, 20% each by A2A and Atel and 10% by Iren. The Lombards link on hydropower Iren Alpiq and while they would be interested to asset distribution plus a cash payment. Next Thursday there will be a Board of Edipower should also discuss the possibility of devaluation of their assets still in sight of the board of Edison in mid-March.
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