The French government is aiming to launch a €9.7bn tender offer to buy out the shares and convertible bonds in utility EDF it does not already own in September, as it moves towards a full nationalisation of the nuclear specialist in the middle of an energy crisis.
An offer of €12 per EDF share would be made to minority investors, the economy ministry said on Tuesday. The price marks a 53 per cent premium to EDF’s closing price the day before French prime minister Élisabeth Borne announced the nationalisation in early July. The deal will also entail an offer to buy out the 60 per cent of convertible bonds the state does not already hold.
The French state, which already held 84 per cent of the company, has presented the buyout as a means of bolstering EDF’s finances as it embarks on a major plan to build six new nuclear reactors in France in the coming years. The group has struggled with production outages in recent months, and its core profits have also been hobbled by political measures to shield consumers from energy price rises.
The government added on Tuesday that taking full control would allow it to accelerate decision-making at the group. However, analysts and people close to EDG have said it still faces major problems which nationalisation will not address, including industrial challenges such as delays to the building of new nuclear plants and regulatory hurdles.
EDF’s shares have been suspended since last week.
If we could also get rid of the ~~parasites~~ private electricity providers…
Good. Nationalise all key and strategic industries like water, gas, electricity, public transport, etc.
Good!
Ah ye, then stupid fucks say macron is centre.
I would say any country who now uses EDF within its key infrastructure should look at removing them based on state subsidies now.
Makes a lot of sense, definitely the right move.
>An offer of €12 per EDF share would be made to minority investors, the economy ministry said on Tuesday. The price marks a 53 per cent premium to EDF’s closing price the day before French prime minister Élisabeth Borne announced the nationalisation in early July
If EDF is in such financial troubles, and requires state bailout, then why are the state offering a premium on the shares to purchase. Why is it shareholders get a bailout for the risky bets they made.
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Article text:
The French government is aiming to launch a €9.7bn tender offer to buy out the shares and convertible bonds in utility EDF it does not already own in September, as it moves towards a full nationalisation of the nuclear specialist in the middle of an energy crisis.
An offer of €12 per EDF share would be made to minority investors, the economy ministry said on Tuesday. The price marks a 53 per cent premium to EDF’s closing price the day before French prime minister Élisabeth Borne announced the nationalisation in early July. The deal will also entail an offer to buy out the 60 per cent of convertible bonds the state does not already hold.
The French state, which already held 84 per cent of the company, has presented the buyout as a means of bolstering EDF’s finances as it embarks on a major plan to build six new nuclear reactors in France in the coming years. The group has struggled with production outages in recent months, and its core profits have also been hobbled by political measures to shield consumers from energy price rises.
The government added on Tuesday that taking full control would allow it to accelerate decision-making at the group. However, analysts and people close to EDG have said it still faces major problems which nationalisation will not address, including industrial challenges such as delays to the building of new nuclear plants and regulatory hurdles.
EDF’s shares have been suspended since last week.
If we could also get rid of the ~~parasites~~ private electricity providers…
Good. Nationalise all key and strategic industries like water, gas, electricity, public transport, etc.
Good!
Ah ye, then stupid fucks say macron is centre.
I would say any country who now uses EDF within its key infrastructure should look at removing them based on state subsidies now.
Makes a lot of sense, definitely the right move.
>An offer of €12 per EDF share would be made to minority investors, the economy ministry said on Tuesday. The price marks a 53 per cent premium to EDF’s closing price the day before French prime minister Élisabeth Borne announced the nationalisation in early July
If EDF is in such financial troubles, and requires state bailout, then why are the state offering a premium on the shares to purchase. Why is it shareholders get a bailout for the risky bets they made.