EDF CEO Jean-Bernard Lévy told reported yesterday Italy (Edison) will remain a key country for the group and will then keep a majority stake in its Italian unit Edison. In July, the group announced a strategic review of its fossil-fuel fired power generation assets in Continental Europe and already mentioned several times Edison was at the heart of this strategic review. Such move could be positive for the group yet we doubt of the value creation for shareholders. Cash allocation is set to be better optimized tough. Buy, with FV unchanged at EUR21.
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