EDF Holds 98% of Italy's Edison after Tender Offer
08/07/2012| 03:49am US/Eastern
By Inti Landauro
PARIS--French state-controlled utility Electricite de France SA (>> EDF) Tuesday said it has secured a stake of 98.104% in Italy's Edison SpA (>> Edison SpA) after launching a mandatory tender offer prior to delisting the shares.
The French company said Edison minority shareholders are now entitled to sell their ordinary shares in Edison to EDF at EUR0.89 between Aug. 13 and Sept. 4. After the supplementary round of the tender offer, EDF will delist the Edison shares.
The tender offer is the last step in EDF's two-year quest to take control of Edison as part of its plan to expand in Italy and bolster its natural gas exposure. Repeated opposition from the Italian municipalities that held half of Edison forced EDF to pay more than it initially said it was prepared to.
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