“On June 8, the State will have 100% control of EDF”, announced Tuesday, May 23, Bruno Le Maire, Minister of Economy and Finance on RTL. This date corresponds to the end of the renationalization process of the energy company, which was therefore able to succeed despite numerous challenges from small shareholders.
“This will allow us to carry out the construction program for six new EPRs (latest generation nuclear reactors, editor’s note) in the best possible conditions” and “strengthen the country’s energy independence”, he assured. “It also allows us to set clear requirements for EDF”, such as increasing nuclear electricity production, at a time when Russian gas is lacking.
All this must also lead to the “lowest possible price” for customers and “guarantee the unity of EDF”, he continued.
Until last year, the state owned 84% of EDF and the government announced in July 2022 its intention to regain full control of the group. The process took months behind the initial schedule, but in early May, the courts rejected the appeal of EDF’s small holders who hoped to obtain a better price for their shares, which enabled the public offer to acquisition (OPA) to continue.
The state currently holds “at least 98.04%” of the voting rights, according to a press release from the Autorité des marchés financiers (AMF) published on Tuesday. “The State today sent the AMF a request for the implementation of the squeeze-out,” the Ministry of the Economy also announced, in order to force the holders of the remaining 2% to sell their shares.
