July 8, 2002
The Italian press has widely reported that Electricite de France (Edf), the giant French state power utility represented by Willkie, has agreed on a reorganization plan for Italenergia, a large Italian energy provider.
The Italian press has widely reported that Electricite de France (Edf), the giant French state power utility represented by Willkie, has agreed on a reorganization plan for Italenergia, a large Italian energy provider. The accord may result in Edf eventually owning the totality of Italenergia and most likely at least 49% of Italenergia’s capital by 2005. The transaction has been and currently is subject to intense scrutiny by the Italian political establishment, which is reluctant to see the second largest Italian energy provider under the control of the French state owned giant. Edf's partner in this venture is the Italian distressed automobile manufacturer Fiat, which will enjoy considerable financial benefits from completion of the transaction. The acquisition will be carried out over the next three years and will be based on a complex set of agreements and structured financing worth about US$ 5 billion. Mandatory tender offers may have to take place in the context of the acquisition. The deal was widely reported in the Italian and international press, including the June 14 editions of La Repubblica (“Italenergia, c’è l’accordo”), La Stampa (“Italenergia, c’è l’accordo”), and Il Sole 24 Ore (“Italenergia, via libera di Fazio”). Maurizio Delfino, Willkie partner in charge of the firm’s Italy offices, acted as counsel to Edf. Mr. Delfino specializes in corporate finance, capital markets and antitrust. Laurent Faugérolas of Willkie’s Paris office has also been involved in the firm’s representation of Edf.
