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Clifford Chance advise EDF in the take over of EDISON

4 June 2012

Clifford Chance advise EDF in the take over of EDISON

International law firm Clifford Chance advised French company Electricité de France in the acquisition of the sole control of Edison, one of the largest power utility in Italy, together with Paul, Weiss, Rifkind, Wharton & Garrison LLP, Gianni, Origoni, Grippo, Cappeli & Partners and Jones Day and Willkie Farr & Gallagher.

EDF has purchased Delmi's participation in Edison for €784M. With the completion of this transaction, EDF's equity in Edison's ordinary shares increases to slightly more than 80%.

Simultaneously with EDF's acquisition of control of Edison, Delmi completed the acquisition from Edison of 50% of Edipower for €684M and from Alpiq of 20% of Edipower for €200M. At the same time, Edipower has completed the reimbursement to Edison and Alpiq of the shareholder loans previously provided by them to Edipower.

As a result of the change in control of Edison, EDF will launch a mandatory tender offer for the benefit of the holders of the 19.360% of Edison's ordinary shares that EDF does not own at €0.89 per ordinary share.

Clifford Chance lawyers advising EDF on this transaction for corporate, commercial and public M&A aspects are:

- In Milan, Umberto Penco Salvi (Partner), Alberta Figari (Partner), Sabrina Borocci (Counsel), Francesca Casini (Associate) and Giuseppe de Cola (Associate);

- In Paris, Laurent Schoenstein (Partner) and Simonetta Giordano (Counsel) for corporate aspects and Thierry Schoen (Partner) for public M&A aspects.