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Updated Thursday, December 29, 2011 0:01 am TWN, AP

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France's EDF to reach preliminary takeover agreement for Italy's Edison

PARIS--Electricite de France (EDF) says it has reached a preliminary agreement to take over Italy's Edison for 700 million euros (US$915 million).

Under the proposed deal, the French utility will increase its stake in Edison from 50 to just over 80 percent by acquiring shares from Delmi, a holding company controlled by Italian utility A2A. Delmi

The deal is essentially a swap, since Delmi plans to take over Edison's 50 percent stake in another energy company, called Edipower, for 600 million euros. Delmi will acquire another 20-percent stake in Edipower from another company.

The plan announced Tuesday must still be approved by the boards of the companies involved and regulatory authorities. EDF said it should take effect by Jan. 31.

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