Edison minority holders contest Italenergia merger

7 August, 2002 – Minority savings shareholders in Edison voted on Monday against a merger with energy holding Italenergia and may appeal to suspend the deal, which they believe is against their interest.

The plan to merge Edison and Italenergia, controlled by Fiat and Electricit√© de France, was announced in May along with a capital increase and bond issue to strengthen Edison’s role as Italy’s number two power company.

The majority of Edison’s savings shares holders, including UBS Warburg, at a meeting on 5 August voted against the merger and said they would decide within a few days whether they would take formal action to oppose it.

If the shareholders successfully oppose the deal it could jeopardise part f the multi-stage plan to restructure Fiat, the struggling Italian carmaker

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