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Two EDF staff shareholder funds warn market watchdog over EDF situation

Two EDF staff shareholder funds warn market watchdog over EDF situation
Two EDF staff shareholder funds warn market watchdog over EDF situation Copyright Thomson Reuters 2022
Copyright Thomson Reuters 2022
By Reuters
Published on Updated
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PARIS -The supervisory boards of two EDF staff shareholder funds said they had written to the head of France's AMF stock market regulator to warn over the situation at the state-controlled utility, and to get clarification from the government about its plans for EDF.

Shares in EDF slumped as much as 25% on Jan. 17 after the government of President Emmanuel Macron - facing a re-election battle in three months and keen to head off public anger over rising power bills - ordered the utility to sell more cheap nuclear power to rivals.

The French state owns 84% of EDF's shares.

The group forecast last week that the government decision would knock around 8 billion euros ($9.13 billion) off its 2022 core earnings before interest, taxes, depreciation and amortization.

The funds, in the letter, asked the AMF regulator to request that the state - as majority shareholder - clarifies its intentions towards the evolution of its equity stake in EDF and whether or not it could launch a public offer in the coming months.

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