The Italian antitrust authority, Consob, has validated necessary elements -most notably the price for the mandatory tender offer - for a revised structure for the Edison reoganisation. Under the revised structure on the basis, EDF would launch a mandatory tender offer on Edison at an increased price of €0.89 per ordinary share from €0.84 for the first version, with EDF and Delmi sharing equally the increased cost of up to approximately €25 million for each, depending on the number of shares tendered.
EDF would also increase the price offered to Delmi for its stake in Transalpina d’Energia to approximately €780m from approximately €700m to reflect the mandatory offer price of €0.89 per Edison ordinary share. Delmi would, in parallel, offer to increase the price for Edison’s 50% participation in Edipower from approximately €600m to approximately €680m. Other previously announced transaction terms, including those for the gas supply agreement between Edisonand Edipower, would remain unchanged.
Consummation of the revised transaction remains subject to completion of definitive amendments to the existing agreements, approval by relevant corporate bodies and European antitrust clearance.