Brussels, 02/07/2001 (Agence Europe) - The Commission has not comment to make on the takeover launched by EDF and Fiat for Montedison, this Monday 2 July, as it has not yet been notified, indicated the same day Amelia Torres, spokesperson for Commissioner Monti. In fact, the French group has just joined forces with the largest Italian industrial group Fiat in order to jointly launch an offer for the Montedison energy group controlled until now by the Mediobanca business bank. According to Belga, the case seems already closed since Italenergia, vehicle company chosen by the partners to lead the takeover, already owns a "share above 48%" in the capital of the holding and this thanks to the support of several shareholders, including EDF. This company, a 20% shareholder in Montedison, brings 10% in exchange for 100% of the shares in Fenice, energy services subsidiary until now held by Fiat. The Franco-Polish entrepreneur Romain Zaleski will bring, him, around 10% of his share in the energy group, the three commercial banks Banca di Roma, Sanpaolo IMI and IntesaBci will, as for them, bring their global share of around 13%. Moreover, Fiat and EDF should, be able to count on the accession of several Montedison shareholders, who will take part in the offer by providing their shares, whose total is situated between 10 and 15%. In its press releases, EDF indicates that this operation, confirms its desire to contribute in a significant manner to an industrial project that will enable to favour the development of the Italian energy market, adding that this stake is part of the strategy developed over several years by the French energy company to strengthen itself in Europe around a network of strong and recognised partners.
The predominance of Fiat in the operation and the relatively minor role of EDF (with 40% of Italenergia for Fiat and 18% for EDF) should soothe the Italian concerns of seeing the national electricity market dominated by the French group. Let us recall that Italy had promptly reacted, at the end of May, towards the EDF offensive in the capital of Montedison by adopting a decree-law limiting to 2% the voting rights of foreign monopolies in the assemblies of Italian companies in the energy sector, decree-law presently under examination by the Commission, which fears its incompatibility with European ruling governing free movement and right to establishment (see EUROPE of 28 and 29 May, p.9). The "Montedison case" had shown the urgency of resolving the problems that stem from the asymmetrical liberalisation of the electricity markets in the EU, problem already raised by the entry of the German EnBW in the capital of the Spanish group Hidrocantabrico. Since then the European Commission recommended an acceleration of the process in which France and Germany are dragging their feet (see EUROPE of 21 June, p.8).