AEM, EDF to sign joint takeover deal for Edison on Wednesday

0 Comments | AFP, May, 2005

MILAN (AFP) — AEM chief executive Giuliano Zuccoli has said his utilities group would sign an agreement with French state-owned Electricite de France the next day jointly to acquire Edison, the second-biggest energy group in Italy.

Zuccoli's announcement of the signing Wednesday in Paris confirmed a report in the Italian daily Il Sole 24 Ore.

EDF decided Friday to remain in Italy and enter the joint takeover deal with AEM for Edison after the Italian government ended a freeze on EDF's voting rights in Edison.

The freeze had been applied because Italy objected to EDF, a French state entity, acquiring Italian assets in a context of Italian privatisation.

Il Sole 24 Ore said Tuesday that AEM planned to take a stake of at least 51 percent in a company...

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