The State will control “June 8” 100% of EDF at the end of the renationalization of the energy company, which could succeed despite the challenges of small shareholders, announced Tuesday the Minister of Economy, Bruno Le Maire, on RTL.
“On June 8, the State will have 100% control of EDF,” said the minister. “This will allow us to carry out the construction program of six new EPR (latest generation nuclear reactors, editor’s note)” and “strengthens the country’s energy independence”, he assured. “It also allows us to set clear requirements to EDF,” such as increasing the production of nuclear electricity, added Mr. Le Maire, 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. The state owned 84% of EDF until last year, and the government announced in July 2022 its intention to regain full control of the group. The process was months behind the original schedule, but in early May the courts rejected an appeal by EDF’s small shareholders who were hoping to get a better price for their shares, allowing the takeover bid to proceed.
The French state currently holds “at least 98.04%” of the voting rights, according to a statement from the French financial markets authority (AMF) published on Tuesday. “The French State has sent today to the AMF a request for the implementation of the squeeze-out”, the Ministry of Economy announced, in order to force the holders of the remaining 2% to sell their shares.