Edison SpA (EDN.MI), Italy's second-largest electricity and natural gas company, rules out a capital increase, said Chairman Giuliano Zuccoli Tuesday.

Zuccoli, speaking at the company's annual shareholders' meeting in Milan, was responding to recent media speculation of a possible capital increase as part of a struggle between its controlling shareholders, A2A SpA (A2A.MI) and Electricite de France SA (EDF.FR), to run Edison.

A2A and EDF are currently at an advanced stage of their negotiations over Edison, said Zuccoli, who is also a leading executive of A2A.

"The project is always that in which the French [EDF] remain the majority shareholders and we have the opportunity to exit with [Edison] assets, while remaining minority shareholders," said Zuccoli.

-By Oscar Bodini, MF-DJ, and Liam Moloney, Dow Jones Newswires; +39 06 6976 6924; liam.moloney@dowjones.com
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