The procedure for completely renationalise EDF will take place on June 8, as announced a few days ago by the Minister of the Economy Bruno the Mayor. The state will hold 100% of the company’s capital on that date since the remaining 2% of shareholders will be forced to sell their shares, the Autorité des marchés financiers (AMF) confirmed on Friday.
The “compulsory withdrawal” (from the Stock Exchange, editor’s note.) will take place that day, at the price net of all costs from 12 euros per share, and will relate to 91,454,896 EDF shares, or 2.19% of the capital and 1.99% of the voting rights of the company, the AMF said in a press release.
Thus ends the process of renationalization of EDF, almost a year after the announcement of the operation, a soap opera with twists and turns peppered 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.
Small shareholders rejected
With this takeover bid, the State, which until now held 84% of the company, wanted 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.
May’s beginning, the court dismissed the appeal 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 compensatory remedy 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.