Brussels, 22/05/2001 (Agence Europe) - The European Energy Commissioner, Loyola de Palacio, said she was "very concerned" at the acquisition by EDF of a 20% stake in Montedison. Competition Commissioner Mario Monti expressed concern on this subject last week (see EUROPE of 19 May, p. 10). Speaking to journalists on Tuesday, Ms de Palacio felt that it was worrying that Member States which have not completely liberalised their own market allow their state enterprises (holding a virtual monopoly) to buy shares in the markets of the most liberalised Member States. Explaining that Mario Monti would be responsible for this issue, she stressed that she had long been calling for the Golden Share system allowing a state which has decided to privatise a company for business reasons to prevent this company being nationalised by another country. A debate on this topic was urgently needed, she added.
The Italian media revealed on 22 May that EDF had bought a 4.88% stake in Montedison from the businessman Mr Zaleski, taking its total holding to 25%. Amelia Torres, Mr Monti's spokeswoman, refused to comment, simply stating that the Commission cannot intervene at this stage. However, if EDF were to form an alliance with other shareholders in order to jointly take a controlling stake in Montedison (currently held by the Mediobanca merchant bank), it would have to notify the European Commission in advance. She added that if EDF were not to do so, the Commission would have to intervene.