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)