All the powers of Edison in Nyox (Polytec)
What did Edison say and what did he not say about the agreement with Polytec for entry into Nyox (and what did the Agcm specify)…
Edison, an Italian energy distribution company controlled by the French EDF group, announced a few days ago the creation of a "strategic partnership" with Polytec, an Italian industrial automation company. More specifically, the agreement provides for the entry of Edison Next, an Edison group company specialized in decarbonization solutions, into Nyox, a Polytec company that designs and builds photovoltaic systems. Edison Next will have 49 percent of the shares, while Polytec will have 51 percent.
WHAT NYOX WILL DO FOR EDISON
The goal of the joint venture – explained Edison – is the creation of 500 megawatts of photovoltaic capacity in five years. Most of this capacity will be provided to Edison Next, which will in turn resell it to customers; Nyox will be able to do the same thing to third-party operators, but "for a residual part".
At the end of five years, Edison Next will be able to purchase the entire share capital of Nyox.
EDISON'S REAL POWERS OVER NYOX, ACCORDING TO THE AGCM
On September 18, the AGCM , the antitrust authority, in its weekly bulletin announced the authorization of the operation between Edison Next and Nyox, but specified some points not detailed in the energy company's statement.
“Although Edison will hold a minority stake in Nyox”, writes the Antitrust, “upon completion of the Transaction, it will find itself exercising […] joint control over the latter. This is because:
- the favorable vote of at least one Nyox director appointed by Edison Next will be required for, inter alia , (a) the approval or modifications to the budget, the business plan and any other document concerning the strategies, development and financial structure of Nyox; and (b) the determination of the content of delegations (and related modifications) to be attributed to the CEO and the chairman of the board of directors of Nyox;
- the President of the board of directors of Nyox (who will be appointed by Edison Next) will be responsible for appointing the Chief Financial Officer, whose powers are defined jointly by the President and the CEO".
In essence, any strategic change by Nyox will have to be approved by Edison Next, which will appoint the president of the board of directors of the newly created company who, in turn, will appoint its financial director.
The AGCM believes that the operation does not lead to a situation of market concentration in the hands of Edison Next because Nyox's market share in Italy is less than 5 percent. Furthermore, neither Edison Next nor the other companies of the EDF group are active in the sector of the construction of photovoltaic systems. To conclude, Polytec "will not be able to carry out, either directly or through any company controlled by it, any activity in competition with Nyox on Italian territory".
ALL NUMBERS OF EDF AND POLYTEC
In 2022 EDF, which controls Edison, achieved a consolidated turnover of approximately 143.5 billion euros worldwide; of these, approximately 101.6 billion euros relate to sales in the European Union and approximately 26.5 billion euros to sales in Italy.
Polytec is controlled by BM Group, an Italian industrial group that deals with automation, robotics and mechatronics. In 2022 Polytec achieved revenues of 61.8 million worldwide; of these, approximately 54.4 million were sales in the European Union and 45 million were sales in Italy.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/energia/edison-nyox-politec/ on Sun, 24 Sep 2023 05:49:49 +0000.