The shareholders' agreements at the basis of Edison's governance will be extended until November 30 to allow the boards of the various companies involved to verify the agreement finalized last Thursday.
It is the third extension with respect to the original deadline of 30 March, the date on which the reorganization plan was rejected by the government. On that occasion the deadline was postponed to 15 September and then again until 31 October. The agreement reached with Edf envisages that the French obtain the majority of Edison, while the Italian shareholders gathered in Delmi remain with a stake of around 30% and with a certain way out in three years linked to a put option.
The A18A management board is expected today at 2 pm, which will analyze two important elements: the increasingly strong hypothesis of an Italian presidency and the right of veto that could be guaranteed to Italian shareholders in relation to some strategic decisions. In the coming days, however, Consob will have to decide whether the transalpines will have the obligation to launch a takeover bid on the minorities and, possibly, at what price.
In detail, last Thursday's agreement assigns Delmi a 30% stake with option to sell. In fact, 25% of the stake may be sold at a value based on the multiple of Ebitda of a sample of comparable listed companies, while the remaining 5% will be liquidated at market price over three years and a part may be traded in one year with Edens wind assets. Finally, there will be the separation between Edf and Delmi which will determine the unpacking of Edipower, a subsidiary of Edison, which also has A2A (20%) and Iren (10%) among its shareholders. Of the nine plants, the two hydroelectric plants of Udine and Mese will go to the multi-utilities, which will merge into a joint venture, 67% owned by A2A and 33% by Iren.
