It's a good day for our Land he welcomed

Back to square one. Eleven years after purchasing the participation of Baden-Württemberg in EnBW, EDF announced yesterday its 45 in the German 3eélectricien the regional State. Amount of the transfer: EUR 4.7 billion. "The political authorities of the Land have made their willingness to provide regional shareholdership EnBW hard to refocus the business on Baden-Württemberg," said EDF to explain this unexpected decision. A few weeks of elections regional keys, Minister-President Christian Democrat, Stefan Mappus, currently in difficulty, plays the card of regionalization. "It's a good day for our Land," he welcomed.

The rebound comes the French group had started negotiations with the other reference shareholder of the German electrician, Commons categorized holding OEW, to extend their Covenant coming due next year. In this context, the group chaired by Henri Proglio would have originally liked strengthen its control over the capital and the governance of the Group of Karlsruhe, deemed very independent. A rise in force in the capital was excluded by the House of Commons. The political decision of the Land has at least the merit of clarifying the situation.

EDF, the operation is not a bad deal. The Land offers a premium of 18.6 closing of the EnBW action Friday night. The French electrician Gets a capital gain of EUR 500 million. Separating the German electrician, he also released the debt of its scope of consolidation. Result, the total indebtedness of EDF will decrease by EUR 7 billion with this operation. After the surrender of the British networks for distribution of 6.9 billion this summer, this gives it one of the debt ratios the best in the sector.

In discussion with Edison

What repeat international offensive. Because despite these assignments and her divorce with the Constellation, Henri Proglio American will not fold EDF on its domestic market. The group is in discussion with the other shareholders of Edison, namely the municipalities of Naples and Milan. The French electrician owns 49 of the Italian group. Wrong to imagine that there is. "Discussions are underway, Henri Proglio said yesterday. There is no reason that the Italian situation is green... I do not see why it would withdraw from Italy, which has a real strategic dimension.

But again, the surprise could come from Germany. EDF has reservations about the German energy policy, the new nuclear tax likely to cost 500 million euros to EnBW between 2011 and 2016. And yet... "What is it definitively turned its back on the Germany." The answer is no, said Henri Proglio. There are ideas or contacts who can be called rapidly. "The French pattern has not commented on the event of an acquisition of RWE. The German 2eélectricien, valued 27 billion euros on the stock market, through a difficult pass. Common shareholders are puzzled by their position. "An operation with RWE is quite possible," said Per Lekander, analyst at UBS. Henri Proglio is in any case willing to work with operators and German municipalities... That he could not do so by being in the capital of EnBW. According to the shareholders Pact, the Karlsruhe was the EDF exclusive vehicle for investment Germany.