2023-05-26 17:02:20
Last details before ratifying the takeover of EDF by the State. The procedure to completely renationalize EDF will take place on June 8, by forcing the remaining 2% of shareholders to sell their shares, the Autorité des marchés financiers (AMF) commented on Friday. The “mandatory withdrawal” will take place on that day, at a price net of all costs of 12 euros per share, and will relate to 91,454,896 EDF shares, i.e. 2.19% of the capital and 1.99% of the voting rights of the company, the AMF said in a statement.
Thus ends the process of renationalisation of EDF, almost a year after the announcement of the operation, a series of twists enamelled with appeals from small shareholders contesting the price of 12 euros proposed for the redemption of their shares. Estimated at 9.7 billion euros, the takeover of the French electrician was announced in July 2022 by Prime Minister Élisabeth Borne.
The justice rejected the appeal of the small holders
With this takeover, the State, which until now held 84% of the company, wanted to regain control, in particular to revive nuclear power more quickly, by financing the renewal of an aging fleet and the construction of at least six new reactors.
At the beginning of May, the courts rejected the appeal of small holders of EDF who hoped to obtain a better price for their shares. The plaintiffs demanded at least 15 euros. At the opening of the capital in 2005, the action had been sold for 32 euros, with a 20% discount for employees at 25.60 euros.
After the rejection of this challenge by the Court of Appeal, the Fonds commun de placement en actions (FCPE), which represents some 100,000 employees or retirees of EDF who have invested their money in the group, announced the decision to hire a compensation claim before the Council of State.
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