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Enron Mail |
Cc: nailia.dindarova@enron.com, brendan.devlin@enron.com,
bruno.gaillard@enron.com, alfredo.huertas@enron.com Mime-Version: 1.0 Content-Type: text/plain; charset=ANSI_X3.4-1968 Content-Transfer-Encoding: quoted-printable Bcc: nailia.dindarova@enron.com, brendan.devlin@enron.com, bruno.gaillard@enron.com, alfredo.huertas@enron.com X-From: Peter Styles X-To: Neven Dujic X-cc: Nailia Dindarova, Brendan Devlin, Bruno Gaillard, Alfredo Huertas X-bcc: X-Folder: \Richard_Shapiro_Nov2001\Notes Folders\Europe-july X-Origin: SHAPIRO-R X-FileName: rshapiro.nsf Thanks Neven. Please keep my four colleagues copied as we go forward on thi= s=20 potential notification.=20 You will have seen that DG COMP are keen to find a reason to force EdF to= =20 notify to the EC, even though Italenergia as a vehicle would not have enoug= h=20 turnover (certainly outside Italy) to trip over the EU Merger Regulation=20 criteria. If notification were to the Italian competition authority, remedi= es=20 inside France or at the French borders could not be targetted.=20 Separately, I am in touch with the Cabinet of Mario Monti to pursue proper= =20 implementation of remedies granted in the EdF/ EnBW case (VPP auctions) and= =20 to drive home our submissions in the the EnBW/ Hidrocantabrico investigatio= n.=20 My contact there confirmed the proactive stance on competition issues in th= e=20 power and gas sectors resolved upon at the Commission session of 20 June, a= nd=20 implied that DG COMP is "out to get" EdF by any legitimate means. I have th= e=20 impression resources are being freed up for this purpose and our support is= =20 welcome.=20 From: Neven Dujic@ENRON COMMUNICATIONS on 07/05/2001 02:38 PM CDT To: Peter Styles/LON/ECT@ECT@ENRON cc: =20 Subject: Re: News on EdF's voting rights in Italenergia =20 Definitely...I read through few research reports and finally managed to=20 understand who has placed what in Italenergia. Fiat has contributed its 600= =20 MW of generation capacity and 3,000 MW of developable brownfield sites for= =20 capacity. If one was to price the assets using the prices paid in the most= =20 recent trade sales of comparable assets the value assigned should have been= =20 between =14 ?400m and =14 ?600. However the value implied by Montedison's c= urrent=20 price and Fiat's stake in Italenegia (and consequently Montedison) is =14 ?= 1,200=20 million. Pretty valuable "Italian goodwill" I have compiled a very summary of the most recent developments: Neven Dujic Enron Broadband Investments Tel. +44 (0)20 7783 4750 Fax. +44 (0)20 7783 9211 Mob. +44 (0)777 570 3509 =09Peter Styles@ECT =0905/07/2001 18:58 =09=09 =09=09 To: Neven Dujic/Enron Communications@ENRON COMMUNICATIONS@ENRON =09=09 cc: Eric Shaw/LON/ECT@ENRON COMMUNICATIONS@ENRON, Brendan=20 Devlin/EU/Enron@Enron, Nailia Dindarova/LON/ECT@ECT, Bruno=20 Gaillard/Enron@EUEnronXGate, Alfredo Huertas-rubio/Enron@EUEnronXGate, Ross= =20 Sankey/Enron@EUEnronXGate =09=09 Subject: Re: News on EdF's voting rights in Italenergia So....our speculation yesterday that, because of Agnelli family influence,= =20 the law would not be written/ amended to fix upon secondary shareholdings,= =20 turned out to be correct. I suppose that the 100% overpayment EdF seems to= =20 have made for its holding in Italenergia is accounted for by the "Italian= =20 goodwill" and some free options. From: Neven Dujic@ENRON COMMUNICATIONS on 05/07/2001 16:31 To: Eric Shaw/LON/ECT, Peter Styles/LON/ECT@ECT cc: =20 Subject: News on EdF's voting rights in Italenergia Fiat-EdF raid on Montedison passes first parliamentary hurdle.=20 The hostile bid launched by the Fiat-EdF alliance on Italian agro-energy=20 group Montedison has easily passed its first parliamentary test. The Senate= 's=20 Industrial committee has unanimously approved without modifications the=20 government decree of 24 May which freezes EdF's voting rights in Montedison= =20 to 2% on acccount of the French giant being 100% state controlled. The same= =20 decree is of no relevance now that Fiat owns 38.61% and EdF 18.03% of their= =20 energy joint venture, Italenergia. Therefore, the approval of the decree in= =20 its totality, without amendments, is the first political nod to the=20 Franco-Italian operation. The decree however may still be challenged by the= =20 European Commission, which will make a ruling by the end of July. EdF's voting rights not frozen in Italenergia-Min.=20 ROME, July 5 (Reuters) - Italian Industry Minister Antonio Marzano said on= =20 Thursday a government decree freezing Eletricite de France's voting rights = in=20 Montedison to two percent did not apply to Italenergia, a Fiat-led group=20 bidding for control of Montedison. Asked whether the decree on EdF froze the French company's voting rights to= =20 two percent also in Italenergia, Marzano told Reuters: "No, no. (It applies= =20 only) to the companies which are in the conditions described by the decree"= . Neven Dujic Enron Broadband Investments Tel. +44 (0)20 7783 4750 Fax. +44 (0)20 7783 9211 Mob. +44 (0)777 570 3509
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