The question filed yesterday with Consob by the lawyers of Edf and Delmi asks for the exemption of the takeover bid on minorities. In the event of a negative answer, the question requests the launch of the offer at a price equal to the average performance of the share over the last twelve months (0,84 euro) because it is a neutral reorganization from an economic-equity point of view, while the put options granted to Delmi for certain exit in three years in favor of Edf do not envisage a fixed strike price. This price is not predetermined, "but will be determined at the time the put options are exercised based on Edison's future performance, future market trends and future stock market prices".
Thus the lawyers motivate, in the question made public today, the reasons why the price of the possible takeover bid on minorities is not at a premium. Also because, in the event that the supervisory body were to impose an offer with a different price, the French have already said that the entire restructuring operation would have to be reviewed.
"The operation takes the form of a neutral reallocation of ownership structures for minority shareholders", is summarized in the question. In addition, again to ask for exemption, it should be remembered that in fact EDF has held 2005% of Edison's capital since 50. On the application of the price, it should be remembered that both the demerger of Transalpina di Energia (which controls 61,2% of Edison) and Edipower are neutral from an equity point of view and no price is formulated in them, nor is it envisaged no purchase for consideration. Furthermore, the put options granted to the Italians on 30% of Edison and the calls on wind power "are not comparable to derivative instruments".
