Power games

2 May 2003

The reason why financier Zaleski could be increasing his stake to 15% of the Italian energy group is unclear. He may be exploiting Italy’s takeover rules to get a virtual put option on the stake. And who would he put it to? EdF, the old sugardaddy.

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Romain Zaleski, the financier, has bought 362m rights left over from Edison's capital increase, according to Italian press reports. Assuming he exercises his rights, his direct stake in the power group would rise to 15%. Zaleski is already a major shareholder in Edison, through Italian group Carlo Tassara. Tassara owns 20% of Italenergia, which after the capital increase will own 62.5% of Edison.

Electricite de France has agreed to buy out its partners in Italenergia in 2005. It has already agreed to buy Fiat's 26.4% stake in Italenergia for at least E1.15bn. That works out at around E1.9 for each Edison share.

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