It doesn't get hot Edison in the aftermath of Consob verdict on the price ofTakeover bid Edf. The stock yields 1,20% to 0,863 euros per share (with volumes equal to 4 times the average), slightly above the 0,84 euros proposed by the French giant and below the 0,895 euros indicated by Consob.
With a note arrived in the evening thesupervisory authorities invited Edf to raise the price of the takeover bid on minorities to a range between 0,84 and 0,95 euro, the average value of which, i.e. 0,895 euro, can constitute a useful point of balance between the interests of the two parties for Consob . But the market hoped it would reach 1 euro, by virtue of a complex operation that includes other compensatory mechanisms in relation to the gas supply contract and the sale of Edipower, as certified by Consob itself. And at this point you might as well realize.
For the French, the verdict of the supervisory authority means only one thing: the condition to which the agreement reached after lengthy negotiations for the reorganization of Edison which fixed the disbursement of the Mandatory takeover bid and indicated as the highest price paid by EDF itself for thepurchase of Edison shares. The French thus took time to evaluate what to do. Will they blow the bank of an agreement reached after months of exhausting negotiations? An impasse which among other things had been unblocked by the intervention of Minister Corrado Passera, recently appointed to Monti's technical government and which had led to the clear solution of giving all Edipower to the Italians with an adjustment for all Edison to the French , overcoming the stew hypothesis of the old agreement of March 2011.
If EDF's men appear irreducible in their intent not to shell out a penny more, Consob has nonetheless put in place a small adjustment, 5 cents per share for a total outlay of 60 million on an 800 million operation.
