In the intermediate phase before the discussions become official and where one side weighs the other before concretizing its intentions and submitting an offer for 50% of Elpedison, are the contacts between Helleniq Energy and Edison.
Monday’s meeting in Athens, as revealed by Energypress, between senior officials of the two shareholders, seems to have confirmed that we are exactly at this stage, of the volidoscoping on both sides.
The Italian side was represented, according to the information, by Edison’s Chief Financial Officer, Ronan Lory, who was also accompanied by other high-ranking executives, while on the Helleniq Energy side, the corresponding Group CFO, Vassilis Tsaitas, attended.
The official subject of the meeting, one of the magazines that the shareholders hold for their subsidiary, was Elpedison’s current commercial issues, but there was also talk of controversy on the sidelines.
According to the same sources, both sides insist that they each want the other’s share, the full acquisition by one of the two is a one-way street and the divorce is discounted, without, however, talking about numbers.
“It was another conversation exploring the intentions”, as it is said about the meeting on Monday, in which only executives of the two shareholders participated, not Elpedison.
So far, neither side appears to have revealed how much they are willing to offer for the other’s stake – an offer that will likely be followed by a counteroffer – in order to decide who will end up with the full stake. control of the company. Market estimates value the value of Elpedison between 400-500 million euros.
One thing is certain. Clearing up between the shareholders still has a way to go, it is reported, and the incubation time can be slow, although usually in similar cases, from one point onwards things move very quickly. We just don’t seem to be there yet.
“We want to stay in Greece”
However, the Italian side is categorical that it is interested in the company, states that it wants to remain in Greece and that it is willing to make investments to develop Elpedison.
“We are not selling our stake in Elpedison,” an Edison spokesman was quoted as saying at Monday’s meeting.
And as it is conveyed at every opportunity by sources on the Italian side, “Edison’s intention is to remain in Greece, as the Italian company considers it of strategic importance for the same market and is willing to make the necessary investments in Elpedison to become competitive again” .
Although such statements may obviously be made in the context of a negotiation, attempting to gauge reactions and create atmosphere, they nevertheless have their significance.
In this sense one could assume that when the time comes, the Italians will make an offer to Helleniq Energy to acquire 50% of Elpedison. Accordingly, an offer for the other 50% could very well be made first by Edison, the Greek company. The developments are discreetly monitored by the government, which through TAIPED, controls 31.18% of Helleniq Energy.
On the part of Mytilineos, which scenarios circulating in the stock market and energy market want it to be interested in the acquisition of Elpedison, as it will thus vertically strengthen the group’s share in retail, has avoided any comment.
The scenarios had also been fueled by Mytilineos’ shareholding in Helleniq. It should be noted that Mr. Mytilineos himself had set the goal for the Protergia subsidiary to have a 30% share in electricity supply by 2026. Elpedison currently owns a share of 6% and Protergia 15.08%.
The many participations and the time of DEPA
The difference of opinion between the refining group and its Italian partner of 15 years started 2 years ago, when the conversation about the need to develop the company started. The points of friction were the delay in the construction of the new 826 MW power plant in Thessaloniki, the activation of the license for the FSRU offshore Thermaikos Gulf, if and when investments in batteries will be made and in general the investments in Elpedison.
The request for the divorce was announced with the choice of Helleniq Energy as part of a wider strategy which is also linked to the developments in DEPA Emporias, where it owns 35%.
The latter participates in many infrastructures, such as with a 20% stake in Gaztrade, which controls the FSRU of Alexandroupoli, with 29% in the new power generation unit under construction, also in the capital of the Prefecture of Evros, together with PPC and the Kopelouzo group, while it is active in electricity and natural gas supply market with its subsidiary “Natural Gas”.
It remains to be seen whether, within the first half of 2024, as the CEO of Helleniq Energy, Andreas Siamisii, had said last year, the matter with 35% of DEPA will have been closed.
