Italian stock market regulator Consob confirmed Wednesday it has asked local utility A2A SpA (A2A.MI) and Electricite de France SA (EDF.FR) for more information about a Tuesday agreement ending their long-running spat over control of Edison SpA (EDN.MI), adding it expects a statement in the coming days.
Italian stock market regulator Consob confirmed Wednesday it has asked
local utility A2A SpA (A2A.MI) and Electricite de France SA (EDF.FR) for more
information about a Tuesday agreement ending their long-running spat over
control of Edison SpA (EDN.MI), adding it expects a statement in the coming
days.
"We have asked EDF, Edison and the Italian shareholders to give the market
more information about the deal," said a person at Consob's press office.
Italian power utility
Edison
could not be immediately
reached for comment.
On Tuesday, EDF and municipal utility A2A announced preliminary plans for the
French company to increase its stake as part of the long-awaited takeover of
the EUR4.4 billion company. A2A-controlled holding company, Delmi, would garner
a 70% stake in local power generator Edipower, in which
Edison
has a
50% stake, and which owns nine electricity plants in
Italy
.
Consob is seeking clarification on four issues. The first regards what criteria
EDF and Edison used to set the price of EUR0.84 a share for a deal which will
see EDF increase its stake in
Edison
to
80.7% from today's 50%.
The second is when EDF will re-submit the paperwork to Consob asking it for an
opinion on the price of an upcoming bid to buy out
Edison
's
minority shareholders. EDF has to re-submit the request since the agreement
announced Tuesday is different from the one reached by the two parties earlier
this fall.
Thirdly, Consob has requested further information on an agreement for
Edison
to
supply natural gas to Edipower in a six-year contract. The regulator wants to
know what benchmark "market price" the companies used when agreeing
the contract.
Finally, Consob is seeking more information on how EDF and Edison are complying
with specific procedures governing Italian transactions among themselves and
other parties considering the close ties that exist in the
Edison
shareholding.
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