The spin-off of Edison's oil and gas E&P activities officially takes place. After the rumors circulated in recent months, the energy group controlled by the French EDF has formally transferred all assets (tangible and intangible) related to the exploration and extraction of hydrocarbons into a newco, called Edison Exploration & Production, valuing them - according to what was reconstructed by Radiocor – 862 million euros. The target? A corporate reorganisation, we read in official documents, even if it is no mystery that Foro Buonaparte intends to open the E&P capital to third parties both because it is a business that requires huge investments and because it has now decided to focus on other lines of development such as energy efficiency, the sale of electricity and gas to end customers and renewables.
To find a new partner (or potentially even a buyer for the entire asset package) Edison hired Rothschild as an advisor but, at the moment, the procedure does not seem close to a breakthrough. To ascertain the value at which it contributed the assets to the newco, Edison commissioned an appraisal by Maurizio Dallocchio, a Bocconi professor, which led to a double range of values, to be understood net of debts: 897 million-1,04 940 billion using the cash flow method and 1,25 million-862 billion looking at competitor multiples. On the basis of these numbers, Foro Buonaparte contributed the E&P activities in the newco to shareholders' equity, equal to XNUMX million, with a simultaneous capital increase of the same amount in the new company.
