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HomeLatest NewsFrance completes the renationalization of EDF and is delisted after 18 years...

France completes the renationalization of EDF and is delisted after 18 years on the stock market

Date: April 12, 2024 Time: 17:47:38

The shares of Electricité de France (EDF) have ceased to be listed on the Paris Stock Exchange this Thursday after the entire capital of the company has returned to public hands after completing the purchase process launched by the French Government. The electric company began trading on the stock market in 2005 and reached a record price of over 75 euros in November 2007. Last July, the French government announced a purchase offer for 15.90% of EDF that did not control at a price of 12 euros per share, raising the amount of the transaction to 9,700 million euros.

On May 23, the Financial Markets Authority (AMF) reported that at the end of the French Government’s offer period, the State had gained control over 3,908.59 million EDF shares, representing 97.69 % of the capital and at least 98.04% of the voting rights.

In this sense, already then he warned that the Frenchman would have a forced sale procedure underway for EDF shares, after which the company’s shares, which had been suspended since May 18, will cease to be listed on Euronext in Paris on June 8, 2023, the date on which the forced sale has been implemented.

The renationalization of EDF meant fulfilling one of the promises launched during the campaign for his re-election by French President Emmanuel Macron, who sought to reinforce French energy independence and the strategy to achieve zero emissions through the construction of new nuclear plants. This includes, in particular – he added – “the launch of a program for the construction of nuclear reactors using EPR2 technology in France”.

Specifically, Macron has asked EDF to build at least half a dozen of these reactors that will have to come into service between 2037 and 2050. France now has a park of 56 nuclear reactors that under normal conditions provide around 70% of the country’s electricity. According to government guidelines, “EDF will have a strategic role for the production in France of decarbonised, available and competitive electricity.

Economy Minister Bruno Le Maire said taking full control of the company was an “essential” priority for it to speed up on the challenges it faces. Specifically, increase production with the current reactor park in the face of growing needs and the construction program of six by 2050.

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Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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