AEM/Edison: Power games

How much has it cost Electricite de France to sort out its quarrel with the Italian government over ownership of Edison? To date the French electricity company has spent E690m for 18% of Italenergia, a vehicle that owns 63% of Edison, plus a small direct stake. It had already promised to buy out the remaining shares in Italenergia, plus another small direct stake, for E3.7bn. When that deal finally goes through, it will have effectively paid E5.5bn, including debt assumed from Italenergia, for ...