ELPE, Edison reach deal with Ellaktor for its Elpedison share

Hellenic Petroleum (ELPE) and Edison, holding an equally divided 75.78 percent share of electricity producer and supplier Elpedison, have finalized an agreement with construction firm Ellaktor for the acquisition of its 22.74 percent share in the retail energy firm.

ELPE and Edison, now a subsidiary of France’s EdF, have submitted an undisclosed offer that has been accepted by Ellaktor, sources representing all three parties have confirmed. An official announcement on the agreement is expected within the next few days.

The agreement will give ELPE and Edison an equal share of Elpedison’s 98.52 percent. Halkor (Hellenic Copper Industry) is the holder of the remaining 1.48 percent.

Ellaktor’s decision to withdraw from Elpedison – part of a corporate restructuring plan pursued by the former’s new administration that includes a focus on renewable energy – triggered a clause in an agreement between Elpedison’s shareholders offering preferential rights to other shareholders in the event of a withdrawal.

Elpedison, whose retail electricity market share was last measured at 3.73 percent, in April, operates two gas-fueled power stations offering a combined production capacity of at least 810 MW.