Major utility providers strike deal
A2A and EDF have secured deals to takeover Edison and Edipower.
Merger and acquisition advisors are likely to have had significant involvement in a major deal that will see the reorganisation of shares in Edipower and Edison.
An agreement has been reached between Delmi, EDF, A2A, Edison and Iren, for which approval is being sought.
The deal would see EDF acquire an 80.7 per cent stake in Edison, while Delmi, Iren and A2A would take control of Edipower, splitting the shares 70 per cent, ten per cent and 20 per cent respectively.
A statement from EDF said: "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."
Edison has also agreed to supply Edipower with a minimum of 50 per cent of the gas it needs for the next six years.
EDF's share price on French benchmark the CAC 40 had jumped 0.6 per cent by 13:41 local time today (December 28th).
Posted by Ken Hayes
Source: EDF press release, December 27th.