DOW JONES NEWSWIRES
Italy's stock market regulator Consob on Thursday approved the
revised price agreed upon by Electricite de France SA (EDF.FR) in a
deal that would give it control of Edison SpA (EDN.MI).
In a statement published by A2A SpA (A2A.MI), one of Edison's
controlling shareholders, the market watchdog said EDF will pay
EUR0.89 per Edison share, or close to EUR784 million, compared with
the EUR0.84-per-share price, or EUR704 million, initially offered.
Consob added EDF doesn't need to raise the bid further.
Consob also said EDF will then launch a full takeover bid on the
Edison shares it doesn't already own, also offering EUR0.89 per
share.
The regulator in April had questioned the EUR0.84-per-share
price offered by EDF and said that a fairer price would be in a
range between EUR0.84 and EUR0.95.
A2A added that these amendments to the original agreement with
EDF will be submitted for approval to the boards of the companies
involved on May 5.
Exchange Web site: www.borsaitaliana.it
-By Enza Tedesco, Dow Jones Newswires,
enza.tedesco@dowjones.com