Edison S.p.A. (BIT:EDNR) offered to acquire 49.9% stake in Frendy Energy S.p.A. (BIT:FDE) on July 17, 2017. The offer will be made at a price to determined based on Net Financial Position of Frendy Energy S.p.A. at June 30, 2017. In a related transaction, Edison S.p.A. entered into an agreement to acquire 45.04% stake in Frendy Energy S.p.A. from Cryn Finance S.A. and other minority shareholders. This agreement is subject to Edison S.p.A. achieving no less than 50.01% of Frendy Energy's voting rights by acquiring shares from third parties. As of July 27, 2017, Edison S.p.A. entered into an agreement to acquire 5.04% stake in Frendy Energy S.p.A. (BIT:FDE) from Milanesio S.R.L. So the offer will be subject to 49.92% of the shares remaining after these acquisitions. As of October 11, 2017, the offer price was confirmed to be €0.34 per share. The deal value is therefore, €10.1 million. As of October 17, 2017, the obligation for Edison to make a public tender offer for all of the remaining 29.61 million Frendy shares was triggered pursuant to the closing of the agreements for the acquisition of 50.1% stake. As of October 20, 2017, the offer was filed with CONSOB (Commissione Nazionale per le Società e la Borsa). Consob approved the document of the public offering by Edison. The offer period begins on November 22, 2017 ending on December 19, 2017 with a payment date for the securities scheduled for December 22, 2017.

Edison S.p.A. (BIT:EDNR) completed the acquisition of 22.9% stake in Frendy Energy S.p.A. (BIT:FDE) for €4.6 million on January 3, 2018. Under the terms of the offer, Edison acquired 0.9 million shares of Frendy during the period of reopening of the terms of the offer, between December 27, 2018 and January 3, 2018. The total amount of shares tendered is 13.6 million, 22.9% OF Frendy Energy's share capital. Considering the portion already held, Edison will hold 43.16 million shares on the payment date, equal to 72.768% of Frendy Energy. Since Edison did not reach the 90% threshold of the share capital of Frendy Energy, Edison cannot proceed with the obligation to purchase the remaining share capital of Frendy Energy.