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France now holds over 90% in EDF, allowing for squeeze-out, ministry says

EDF minority shareholders drop request to suspend squeeze out amid state nationalisation
EDF minority shareholders drop request to suspend squeeze out amid state nationalisation Copyright Thomson Reuters 2023
Copyright Thomson Reuters 2023
By Reuters
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PARIS - The French state acquired enough EDF shares on the market to start squeeze-out proceedings as it fully nationalises the nuclear energy giant, the finance ministry said on Friday.

The government now holds 92.71% of voting rights in EDF, the ministry said, marking the successful end of the full takeover proceedings, launched by President Emmanuel Macron's government last summer, which cost Paris some $10 million.

Debt-laden EDF, Europe's biggest nuclear power operator, runs France's nuclear reactor fleet, some hydropower plants and other production sites and supplies millions of households with electricity.

Its de-listing from the Paris stock market will be the end of an era for the utility which was partially privatised in 2005, when a chunk of its share capital was floated at 33 euros ($35.82) a share.

The government last year offered minority shareholders 12 euros per share - still a 53% premium to the company's trading value at the time after EDF had suffered various setbacks including unplanned reactor outages, delays and cost overruns in building new plants, and government-imposed power tariff caps.

($1 = 0.9213 euros)

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