Regulatory approval sets the sceme for a final resolution of the long-running controversy over EdF and its stake in the Italian energy market
The European Commission has approved the acquisition of Italian power company Edison by AEM and Electricité de France (EdF) saying that it would not have a significant impact on effective competition in the EU market.
The acquisition will be carried out through Transalpina di Energia, whose equity capital is held in equal measure by EdF and Delmi, a company controlled by AEM. It is expected that the tender offer will be launched by Transalpina in September and the shares and warrants of Edison will be purchased in October.
The group will take over Edison, the second biggest gas and electricity company in Italy, from current majority shareholder Italenergia and follows the May deal that was brokered by the government in a bid to end a long-running dispute. EdF already owns 18% of Italenergia, the holding company that controls 62% of Edison, and also has a direct 2.34% interest in Edison.