MILAN, Oct 5 (Reuters) – With EDF’s ongoing renationalisation, all eyes are now on Edison as investment funds and energy groups prepare for the possibility of the Italian subsidiary being put up for sale of the French company, three sources told Reuters.
The State on Tuesday filed its takeover offer at a price of 12 euros per share on the approximately 16% of EDF’s capital that it does not yet hold, kicking off a complete renationalisation supposed to allow it to carry out the projects entrusted to the electrician against the backdrop of the fight against climate change and soaring energy prices.
The price is identical to that unveiled on July 19 during the detailed presentation by the government of the project for the total renationalization of the company.
The State has undertaken “irrevocably” to acquire at a unit price of 12.00 euros all the shares it does not hold, specified the Financial Markets Authority in an opinion. It also offers a unit price of 15.52 euros on existing 2024 “ocean” bonds.
The offer should run from November 10 to December 8 next, according to a timetable provided by the State in a press release detailing the operation.
EDF could also decide to sell its Italian subsidiary Edison, which it has owned since 2012 and which produces and distributes electricity from traditional and renewable energy sources.
“If we look at recent transactions involving Italian renewable energy groups, the value of Edison can be estimated at around 8 billion euros,” said one of the sources.
For Edison, the time may be right to part ways with its parent company after completing its withdrawal from exploration and production activity this summer.
The Italian infrastructure fund F2i, the French investment company Ardian, the Czech electricity and infrastructure operator EPH as well as several large Italian energy groups could be interested in Edison, the sources said.
F2i and Ardian declined to comment, while EPH was not immediately available for comment.
Asked about the subject, an EDF spokesman stuck to statements dating from early August, when the group denied reports that it was considering selling Edison.
Edison CEO Nicola Monti told Reuters last week he could not comment on the governance changes at EDF and their impact on the Italian subsidiary, adding that Edison was in a “very solid” financial position. (Report by Giancarlo Navach and Francesca Landini, with Elisa Anzolin and Elvira Pollina in Milan and Benjamin Mallet in Paris, French version by Matthieu Protard, edited by Tangi Salaün)