The Financial Markets Authority (AMF) on Tuesday gave the green light to a takeover plan launched by the French state in early October for energy company EDF, which already owns 84% of the company’s capital. AMF ruledappropriate“A draft simplified takeover bid (OPA) in accordance with the rules of the stock market was submitted on October 4,” he said in a press release issued on Tuesday evening.
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This project envisages acquiring 16% of the capital, which the state does not yet own, from other shareholders at a price of 12 euros per share. The acquisition of these securities is planned to be carried out by December 8, and on Tuesday evening the AMF did not mention the schedule change. He intends to publishits reasoned decision as soon as possible“.
The state shareholder hopes to acquire 90% of the capital at the closing of the acquisition bid, the threshold from which a forced withdrawal procedure from the Stock Exchange can be initiated to restore the securities. The government formalized its desire to control 100% of the French energy company in mid-July.
A €9.7 billion operation
For the state, which wants to build six new-generation EPR nuclear reactors with eight others, the €9.7 billion move is strategic and also aims to send a signal of confidence to debt investors.
EDF is struggling financially with a record drop in electricity production, corrosion problems, the unavailability of part of its nuclear fleet due to scheduled maintenance and social unrest, as well as a tariff shield protecting the French. from energy price increases.
In total, in 2022, this production decline will affect EDF’s profitability, weighing up to 32 billion euros on the gross operating surplus (Ebitda), and the group’s debt could reach a record total of 60 billion euros by the end of the year. .
Since inception, minority shareholders (mainly employees and ex-employees) have challenged the opinion.”favourableOn October 27, the Board of Directors decided to renationalize the group at a price of 12 euros per share and require a minimum of 15 euros. They have filed several lawsuits, unsuccessfully so far. In their latest move to date, they took EDF to court on Monday for breach of disclosure obligations and conflict of interest with the group’s current chairman.
Source: Le Figaro
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