Skip to content

Renationalization of EDF: the last shareholders are forced to sell their shares to the state on June 8

The procedure for the complete renationalization of the EDF will take place on June 8, as the Minister of Economy Bruno Le Maire announced a few days ago. The state will hold 100% of the company’s capital at that date as the remaining 2% of shareholders will be forced to sell their shares, the Autorité des Marchés financiers (AMF) confirmed on Friday.

The “mandatory withdrawal” (from the stock exchange, ed. note) will take place on the same day at a price less all costs of 12 euros per share and will concern 91,454,896 EDF shares, i.e. 2.19% of the capital and 1 99% of the voting rights of the company, according to a press release from AMF.

Thus ends the EDF renationalization process, almost a year after the announcement of the operation, a series of twists and turns adorned with appeals from small shareholders challenging the €12 price offered to buy back their shares. The takeover of the French electrician, estimated at 9.7 billion euros, was announced in July 2022 by Prime Minister Elisabeth Born.

Small shareholders rejected

With this takeover, the state, which until now owned 84% of the company, wanted to regain control, in particular to speed up the revival of nuclear power by funding the renewal of an aging fleet and the construction of at least six new reactors.

In early May, the courts rejected an appeal by small EDF holders who had hoped to get a better price for their shares. The plaintiffs demanded at least 15 euros. At the opening of the capital in 2005, the share was sold for 32 euros, with a 20% discount for employees for 25.60 euros.

After the Court of Appeal dismissed this claim, the Fund Communes des Placement in Action (FCPE), which represents about 100,000 EDF employees or retirees who have invested their money in the group, announced the decision to hire a compensatory remedy before the Council of State. This price premium action will not affect the end of the takeover offer and will be triggered after the squeeze is realized.

Source: Le Parisien

Share this article:
globalhappenings news.jpg
most popular