EDF in preliminary agreement to buy Italy's Edison

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French state-controlled utility group EDF has signed a preliminary deal to take a majority stake in Italian power utility Edison, costing 700 million euros.

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French state controlled utility group Electricite de France SA said Tuesday that it signed a preliminary deal to increase its stake Italian power utility Edison SpA (to 80.7% from 50%), for 700 million euros, reports The Wall Street Journal.