(News Bulletin 247) – The last holders of EDF shares will be forced to sell their shares to the State, which holds nearly 98% of the capital of the energy company following its takeover bid.
The procedure to completely renationalise EDF will take place on June 8, by forcing the remaining 2% of shareholders to sell their shares, thus allowing the State to hold 100% of the capital, the Autorité des marchés financiers (AMF) confirmed on Friday. ).
The “mandatory withdrawal” (from the Stock Exchange, editor’s note) will take place that day, at the 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 company’s voting rights, the AMF said in a press release.
Thus ends the process of renationalisation of EDF, nearly 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 Elisabeth Borne.
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, EDF was floated on the stock market at 32 euros per share, 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.
This action, which aims to obtain a form of price supplement, will have no impact on the end of the takeover bid and will be initiated after the implementation of the squeeze-out.
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