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EDF CFO Denies Specific Interest in E.ON's Italian Assets

EDF CFO Denies Specific Interest in E.ONs Italian Assets
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Πεμ, 5 Δεκεμβρίου 2013 - 17:43
Energy giant Electricite de France SA (EDF.FR) has "no specific interest" in E.ON SE's (EONGY) Italian assets, EDF's Chief Financial Officer Thomas Piquemal said Thursday, responding to earlier press reports that included the French firm in a list of potential buyers.
Energy giant Electricite de France SA (EDF.FR) has "no specific interest" in E.ON SE's (EONGY) Italian assets, EDF's Chief Financial Officer Thomas Piquemal said Thursday, responding to earlier press reports that included the French firm in a list of potential buyers.

Over the past three years, EDF has been seeking to cut its debt, primarily through asset sales. The company is grappling with multiple investments needs at a time of lower consumption and increased regulatory demands following Japan 's Fukushima nuclear power plant disaster in March 2011. The group also plans to build new nuclear reactors in the U.K. with its partners, a project estimated at around $26 billion.

EDF, controlled by the French state, has also worked to rekindle its relationship with investors after several ventures, such as in the U.S. nuclear industry, tarnished its financial discipline track-record.

"We look at everything going on in our industry, in our business and in our key areas," Mr. Piquemal said in an interview. "But I can't confirm that we have a specific interest in E.ON's Italian assets," he added.

"Our priority remains our organic growth, while we remain committed to our debt targets," he also said.

EDF targets a ratio of debt/earnings before interest, tax, depreciation and amortization of 2 to 2.5 by the end of this year, "and we'll keep that target beyond that date," Mr. Piquemal said.

French business daily Les Echos reported Thursday that E.ON is seeking to sell its Italian assets, which have an estimated value of 2 to 3 billion euros ($2.72 to $4.07 billion). The newspaper said EDF's Italian unit Edison and Russia 's OAO Gazprom were interested.

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