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EDF set to boost stake in Italian power giant

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EDF set to boost stake in Italian power giant

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EDF the French state controlled power company has boosted its stake in Edison, Italy’s number two utility company.

It has agreed to pay 700 million euros in the deal to take its share to 81 per cent giving the power giant control of Edison.

The long-awaited agreement stands to give EDF sought after access to gas resources in southeastern Europe and the Mediterranean basin.

The deal still needs the approval from the boards of Edison shareholders as well as regulators.