No takeover bid. In fact, EDF does not have the "objective of reaching 100%" of Edison's share capital. Word of the financial director of the French giant, Thomas Piquemal, who assured that "we want a strong Italian shareholding and a listing on the Milan Stock Exchange". The news, far from making Piazza Affari proud, froze the mood of the Milan stock exchange which had bet in the morning on an offer of around 1,3 euros for Edison shares to be extended to minority shareholders.
Maybe it will go like this, if Giuseppe Vegas' Consob, as already happened for Fondiaria (Groupama offer) and Parmalat (Lactalis offer) imposes the harsh rule of the takeover bid on the shareholder who arrives from France, rejecting the transalpine thesis based on the fact that for Buonaparte, already governed by an Edf man (Bruno Lecoeur) is not actually the subject of a transfer of control. For now, however, the Parisian request has been fatal for the fate of the stock which was moving sharply up until 13 pm: Edison recorded a slide of 8,5% before going to the volatility auction due to excessive downtrend, dragging down also A2a (-2,39%) and Iren (-1,57%).
Then the pressure on Edison partially subsided: the share -4,10% returned to a price of 0,9 euros between sustained trading. Also very weak are A2A (-3,09%) and Iren (-3,04%). The news from Piazza Affari was the setting for the start of the final phase of the negotiation between EDF and the Italian partners, in particular A2A and Iren, gathered around Delmi which holds 30% of Edison. “We are confident in the possibility of reaching an agreement – added Piquemal regarding the October 31st deadline – There is a third option, which is written in the agreements: the sale by auction. But our intention is to continue making proposals to avoid it”.
The proposal under discussion envisages the purchase of the group's shares with a put option over three years at a price calculated on the basis of sector multiples plus the swap of the respective shares in Edipower (20% of A2A, 10% of Iren) with another subsidiary of the Foro Buonaparte group, Edison Energie Rinnovabili (Edens), valued at 750 million. Behind this offer, concluded Piquemal, there is a precise industrial objective: "To strengthen Edison in the second position of energy producer in Italy through full control over Edipower" and "to position Edison as a development platform for the Edf group in the of the gas".
But also "preserve the Italian identity" of the company, maintaining the headquarters and listing in Milan, and "a strong Italian shareholder base". That is: no takeover bid, Vegas permitting. The response of the Italian shareholders and of Minister Paolo Romani is now awaited. For now, the mayor of Milan, Giuliano Pisapia, limits himself to saying that "the moment is too delicate to talk about this".
