"EDF Renationalization: State to Control 100% of EDF on June 8, as Announced by Bruno Le Maire - Latest News and Updates"

2023-05-23 07:07:26

The state controls at least “98.04%” of the electrician’s voting rights after a takeover bid launched by the government.

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Posted on 23/05/2023 09:07

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The Minister of Economy Bruno Le Maire at the Elysée Palace in Paris, May 16, 2023, during a press conference. (XOSE BOUZAS / HANS LUCAS / AFP)

The state will controlJune 8 100%” of EDF following the renationalisation of the energy company, which was able to succeed despite the challenges of small shareholders, announced Tuesday, May 23 the Minister of the Economy, Bruno Le Maire, on RTL. “This will allow us to carry out the construction program for six new EPRs (latest generation nuclear reactors, editor’s note) in the best possible conditions” et “strengthens the country’s energy independence”he assured.

Until last year, the state owned 84% of EDF and the government announced in July 2022 its intention to regain full control of the group. The process fell months behind the original schedule, but in early May. But the court rejected the appeal of small holders of EDF who hoped to obtain a better price for their shares, which allowed the public acquisition offer (OPA) to continue.

The State currently holds “at least 98.04%” voting rights, according to a press release from the Autorité des marchés financiers (AMF) published on Tuesday. “It also allows us to set clear requirements for EDF”, such as in particular the increase in the production of nuclear electricity, added Mr. Le Maire, at a time when Russian gas is lacking. All this must also lead to “lowest possible price” for customers and “guarantee the unity of EDF”he continued.