to free Montedison from government interference. Through a rigorous cost-cutting plan and joint-ventures with Mitsui and Hercules Inc. Schimberni transformed the money-losing manufacturer of commodity chemicals and plastics into a profitable diversified holding company. In 1985 Raul Gardini, an agri-business tycoon, started buying into Montedison, and by 1987 he came to own 40 per cent of the company's shares, thus taking over the company and forcing Schimberni to leave. Gardini wanted to reorganize and integrate the company into his sugar and fertilizer empire, but the debt burden he incurred during the takeover rapidly brought Montedison on the threshold of bankruptcy, forcing Gardini to seek state aid. In 1988 a new joint-venture was formed with Eni, called Enimont, in which both companies had 40 per cent of the shares, while 20 per cent was sold on the market. In 1990 Eni bought all Montedison's shares in Enimont, and Montedison withdrew from the chemical sector to pursue a role as an energy company. In 1991 Montedison revived the name Edison to rebrand SELM, a spin-off company in which all its energy assets had been put in 1978. In 1999, the Bersani decree liberalized the Italian energy market and reintroduced competition in the electric market, and later the Letta decree opened up the natural gas market, allowing Edison to begin supplying electricity to eligible customers and expanding its downstream presence in the natural gas sector. As Edison S.p.A. (2002-present) In 2001 a successful hostile bid to acquire Montedison (that controlled Edison as a subsidiary) was launched by Italenergia S.p.A., a consortium set up by Fiat, Electricité de France, Sanpaolo IMI, Banca Intesa and other investors. Following the takeover, Montedison was reorganized by selling all its non-energy assets. In 2002 Montedison was merged with Edison, Sondel and Fiat Energia under the name of Edison S.p.A. In 2005, Transalpina di Energia, a consortium set up by Electricité de France and A2A, purchased 63.3% of the common shares of Edison from Italenergia. In 2012, Electricité de France finally bought 99.5% of Edison's shares and delisted it from Milan stock exchange. Operations Edison's primary activities are production and distribution of electricity and natural gas. Edison and its subsidiaries operate across Europe, Africa, and the Middle East. Edison is the second largest power producer in Italy (about 15% of national output) and in Greece (about 12% of national output). It operates in Greece through subsidiary Elpedison (50% interest,