Edf and Alpiq have signed a preliminary agreement for the sale to the French of the 20% held by the Swiss company in the capital of Edipower. The negotiation will be started on a price hypothesis between 150 and 200 million euros. According to Equita analysts, however, the valuation would be rather low. "This is a decidedly lower price than the 290 million at which we value Edipower's share in A2A which does not include the additional margin from the sale of energy".
The estimate would even be reduced compared to the valuation of the stake in Iren: 110 million euros but for 10% compared to Alpiq's 20%. As far as Italian shareholders are concerned, however, the division of assets will be decisive. Yesterday the chairman of the supervisory board of A2A, Graziano Tarantini, judged Edf's proposal unacceptable. The conditions are, in fact, very different from those that emerged in March and provides for the sale of assets to A2A and Iren in exchange for their shares in Edipower. Instead, the Italian shareholders prefer to acquire hydroelectric assets.
