Agreement on Elpedison split
The clock is ticking for Elpedison, with the company’s shareholders (Helleniq Energy and Edison) seeking to close control negotiations by June at the latest so that any outcome can be ratified at the annual general meeting.
The discussions of the two sides on the “divorce” in the electricity and natural gas market after 15 years of common progress entered the final stretch this week. The divorce was formalized at a meeting held on Monday in Athens by high-ranking executives of the two shareholders, although both sides are portraying it as “one of the usual meetings on current company issues.”
At the meeting, Italian and Greek shareholders appeared to agree that they should part ways, but that neither wanted to leave. It should be noted that the divorce was launched after an informal proposal by Helleniq Energy to Edison for the acquisition of the 50% it owns in Elpedison, which the Italians did not accept.
According to the shareholders’ agreement, if the proposal is officially made, the Italians will either have to accept it or make a counteroffer. The market sees the willingness of both shareholders to buy rather than sell, expressed on Monday, as a negotiation tactic.
