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Edison SpA (EDN.MI) Tuesday said its board had approved an agreement in principle that will allow Electricite de France SA (EDF.FR) to take over the Italian utility

The French energy giant, also known as EDF, agreed with a group of Edison shareholders last month to increase its stake to nearly 81% from 50% for about EUR700 million.

In exchange, the group of shareholders led by regional utility A2A SpA (A2A.MI) will take a 70% stake in Edipower through a holding company called Delmi for EUR800 million. Edipower is a power producer with nine plants in Italy.

"Edison Board of Directors ...has positively assessed the agreement, which will be executed by the deadline of Feb. 15th," it said in a statement.

Edison also said the deal will free resources for the development of its activities and improve its net financial position of about EUR1.1 billion with a positive impact on its capital ratios.

-By Gilles Castonguay, Dow Jones Newswires; +39 02 5821 9908; gilles.castonguay@dowjones.com; Twitter: @GRCastonguay

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