Italian power utility Edison SpA (EDN.MI), which is being taken over by Electricite de France SA (EDF.FR), could pay an extraordinary dividend to shareholders after it renegotiates gas supply contracts with OAO Gazprom (GAZP.RS), MF-Dow Jones reports Tuesday.

Edison will have more financial flexibility after EDF's acquisition of the utility leads to the sale of Edipower, a unit that has more than EUR1 billion of debt, MF-Dow Jones says, citing a financial source.

EDF is increasing its stake in Edison to 80.7% from 50%, while the French utility's Italian partners in Edison will take a 70% stake in Edipower.

-By Rosario Murgida, MF-Dow Jones; Gilles Castonguay, Dow Jones Newswires; +39 02 5821 9908; gilles.castonguay@dowjones.com

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