Arab Today, arab today edf reaches deal to take over italy\s edison
Last Updated : GMT 15:15:05
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

 



Arab Today, arab today

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 France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
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