Andrea Viero, general manager of Iren, during the conference call on the accounts of the multi-utility shareholder of Edison commented on the possibility that Consob could require EDF to launch a tender offer on the minority interests of Foro Bonaparte. What is certain is that the French "have not made a secret for now of their concern that the takeover bid will be launched at a price higher than the average for the last 12 months" "At present we do not expect significant capital losses" on the stake Delmi as a result of the reorganization of Edison, added Viero. "However, it should be stressed - he continued - that there are still crucial steps such as the takeover bid, the relative price and the closing of the contractual commitments with Edf". "The relevant point for us, but I think also for the auditors" for a decision on this point "is that Edison's new business plan be approved, a plan that is solid and with significant growth trends and only at that point will it be possible evaluate the industrial benefits of the agreement and take all the necessary decisions”. "Our expectation - he continued - is of a solid plan on the basis of which to consider our shareholding of great value and therefore avoid, if not eliminate, capital losses".
Viero judged the agreement reached with the French Edf as "very positive" for Iren both as regards Delmi (of which Iren holds 15%) and the unpacking of Edipower (10% owned). Viero spoke of improvements "from both a quantitative and qualitative point of view" of the put granted to Delmi compared to the hypothesis contained in the pre-agreement of last March. In particular "a scenario is opening up for an important industrial development for Delmi with the possibility of acquiring 250 megawatts of wind power (to be exchanged for a part of the Edison shares, ed) and for the best industrial prospects" of the Foro Buonaparte group to rearrangement. The share of Delmi that can be exchanged for Edison's wind assets contained in the subsidiary Edens represents "about another 15% at current values", which is added to the 25% that could be sold to the French at a price based on a multiple of the 'ebitda of a number of competitors. The remaining part of Delmi's share may instead be sold at fair market value should the Edison stock not be sufficiently liquid. Viero also explained why the Italian shareholders have decided to stay in Edison alongside Edf: "at this moment, leaving would certainly have meant consolidating a loss, even a particularly important one". The hope of the Italian shareholders is instead that of benefiting from the relaunch of the company.
As regards the debt of Transalpina di Energia, the Italian-French box with which Edison is currently controlled and which will disappear at the end of the reorganization, Delmi's intention is to renegotiate its share, amounting to just over 600 million euros. “The common determination – said Iren's managing director – is that we go for direct financing and that it does not go back to the shareholders. The evaluations are underway and negotiations have not yet been made with the credit institutions, but our belief, together with our advisors, is that the conditions exist for the debt to be refinanced by the banks”.
