Electricite de France SA’s plans for the takeover of Edison SpA (EDN) and breakup of assets among shareholders is “inadequate” and contrary to Italian investors’ interests, A2A (A2A) SpA Chairman Giuliano Zuccoli told Il Sole 24 Ore in an interview.
The French proposal to have A2A take on 800 million euros ($1 billion) of debt from a 1 billion euro total, is unfair and undervalues the assets that will stay in EDF’s hands, Zuccoli, whose company heads Edison’s Italian investors, told the newspaper. The need to proceed with an estimate of debt by an independent adviser may cause a slight delay in the Dec. 30 deadline set for closure of the deal, he told Il Sole.
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