EDF line up controlling stake at Edison

Electricite de France (EDF) has completed a €700 million ($897 million) preliminary deal to win control of Edison SpA, which will give the company a controlling stake of 80.7 per cent in the Italian utility.

Upon completion, EDF will get nearly 8000 MW of generation capacity in Edison.

The transaction depends on EDF getting Italian market regulator Consob to agree that a mandatory public tender offer for Edison doesn't exceed 84 eurocents per share.

Industrial Info reports that EDF has been trying to take full control of Edison for more than a year to gain access to natural gas resources and markets in southeastern Europe and the Mediterranean basin.

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