Arab Today, arab today edf reaches deal to take over italy\s edison
Last Updated : GMT 20:28:58
Arab Today, arab today
Arab Today, arab today

EDF reaches deal to take over Italy\'s Edison

Arab Today, arab today

Arab Today, arab today EDF reaches deal to take over Italy\'s Edison

Paris - AFP

French electricity giant EDF said Tuesday it had reached a new agreement with Italian shareholders in Edison to take majority control of Italy\'s second biggest power company. The new agreement signals an end to the 10-year pursuit of Edison by EDF, with the drawn out talks leading to sharp ratings downgrade of the Italian company to junk status. The agreement, subject to regulatory and corporate approvals, would increase EDF\'s stake in Edison from around 50 percent currently, via direct and indirect holdings, to around 80.7 percent, EDF said in a statement. In exchange Italian shareholders would gain control of the electricity production unit Edipower, which will enter into an agreement with Edison to supply it with gas for half of its needs for six years, the statement added. \"This agreement will allow the emergence of two energy champions in Italy which thanks to their stabilised organisation and a relaunch of their activity will contribute to the recovery of the growth of the Italian economy...\" said EDF. It said the Italian shareholders would pay 800 million euros ($1.0 billion) to acquire the stake in Edipower, which is 100 million euros more than it will pay to acquire the stake in Edison. The new agreement follows months of difficult negotiations, with Italian shareholders threatening last week to abandon talks if they did not get control of Edipower. Last week Fitch ratings agency cut Edison\'s rating by three notches to junk status, from BB- from BBB- due to \"the negative impact of the prolonged negotiation process\" as well as weak liquidity. However Fitch said there was the possibility for positive movement to the rating if EDF won clear control of the company. EDF said it expected approval of the deal from the various holding companies by the end of January with final contracts to be signed by February 15. EDF has been involved with Edison for a decade, buying a stake in its holding company in 2001 and teaming up with carmaker Fiat to take control, only to have the Italian government limit its voting power. In 2005 it teamed up with other Italian shareholders to jointly manage Edison, but disagreements over strategy led EDF to seek to take majority control. Founded in 1884 and based in Milan, Edison is Italy\'s oldest electricity company and is currently in second place in electricity generation behind Enel, producing 41.8 terrawatt hours of electricity or 14.6 percent of the country\'s total in 2010. Edison is also Italy\'s number two gas company, with 19.1 percent of the market last year, behind ENI.  

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today edf reaches deal to take over italy\s edison Arab Today, arab today edf reaches deal to take over italy\s edison

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today edf reaches deal to take over italy\s edison Arab Today, arab today edf reaches deal to take over italy\s edison

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Egypt tourism revival steady but slow

GMT 16:04 2017 Tuesday ,19 September

Egypt tourism revival steady but slow
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today 600,000 children may flee to Bangladesh

GMT 06:49 2017 Monday ,18 September

600,000 children may flee to Bangladesh
Arab Today, arab today Equifax executives step down

GMT 16:16 2017 Saturday ,16 September

Equifax executives step down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today New Zealand opposition looks

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks
Arab Today, arab today 5,000 'Dieselgate' deaths in Europe per year

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Renault-Nissan to launch

GMT 10:44 2017 Saturday ,16 September

Renault-Nissan to launch
Arab Today, arab today Eman Al Assy receives three offers

GMT 06:31 2017 Saturday ,16 September

Eman Al Assy receives three offers
Arab Today, arab today 'Severe' Typhoon Doksuri pounds Vietnam

GMT 15:49 2017 Friday ,15 September

'Severe' Typhoon Doksuri pounds Vietnam

GMT 11:10 2017 Friday ,15 September

Fadl Shaker retreats from surrendering himself

GMT 05:05 2017 Tuesday ,12 September

Pregnant woman's suicide roils China

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 10:25 2017 Thursday ,14 September

Greece fumbled oil spill response

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:45 2017 Sunday ,17 September

France's hurricane-hit St Martin

GMT 21:57 2017 Sunday ,17 September

Russia and Iraq restore air travel

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:56 2017 Friday ,15 September

Apple's grand plan in Ireland held up by a forest

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday