EDF Plans To Buy Delmi Out Of Edison, No Price Set
October 24 2011 - 7:46AM
Dow Jones News
French state-controlled power group Electricite de France SA
(EDF.FR) Monday said it has offered to buy out investment vehicle
Delmi from Edison SpA (EDN.MI), although it came short of
elaborating on an exact price per share.
Edison is 61.3% held by Transalpina di Energia, itself 50% held
by EDF and 50% by Delmi, which in turn regroups Italian
shareholders led by A2A SpA (A2A.MI). EDF owns 19% in Delmi.
EDF said it proposed to commit to buy Delmi's Edison shares in
three years time, at a price based on the earnings before interest,
tax, depreciation and amortization, or Ebitda, multiple of a sample
of comparable listed companies.
"In this manner, the Italian partners which may wish to be able
to sell their shares could benefit from Edison's profitability
restructuring efforts," the group said.
EDF also offered A2A and Iren SpA (IRE.MI) to exchange their
respective 20% and 10% stakes in Edipower for 100% of the share
capital of Edens, a fully-owned subsidiary of Edison and the
fourth-largest Italian producer of electricity from renewable
sources. A2A and Iren would also be granted a call option to
acquire a hydro-generation facility at Mese at fair market value in
three years, EDF said.
"On the basis of this framework, EDF would ask [Italian
regulatory body] CONSOB for an exemption from any obligation to
launch a mandatory tender offer for Edison's remaining share
capital," the group also said.
-By Geraldine Amiel, Dow Jones Newswires; +33 1 40171767;
geraldine.amiel@dowjones.com
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