The Edison case is going through one of the most delicate stages of the whole affair. This morning A2A underlined that its participation in the company is indirect and took place through the Delmi holding. "It is known, and verifiable in all the company's documents, that A2A does not directly hold Edison shares but a 51% stake in the Delmi company", explained a press release. Indeed, in 2005 the Italian shareholders acquired 50% of Transalpina di Energia, which holds absolute control of Edison. The purchase value was 1,58 euros per Edison share. The remaining share is owned by Edg.
This clarification came on a very complex day for the reorganization of the second largest Italian electricity producer. Today the French should present the counter-proposal to the value to be conferred on the put, ie the certain option of Delmi's three-year exit from Edison vis-à-vis EDF. The French have no intention of recognizing the book value of the Edison shares (1,58 euros) to the Italians, but are aiming for a much lower figure.
Meanwhile, the forecasts have arrived, elaborated by the analysts of Equita, on the quarterly of the utility, the data of which will be officially released on 28 October. Ebitda would be down by 23% to 233 million, due to the gas supply area, while power generation appears to be growing thanks to ancillary services. Profit would drop from 36 to -1 million and debt would reach 3,9 billion due to the increase in working capital.
