Jean-Bernard Lévy, the former CEO of EDF, would he have committed an offense relating to the illegal taking of interests within the framework of the renationalisation of EDF? It is in any case the conviction of Anticor which, on March 21, filed a report to this effect with the Paris public prosecutor’s office, which confirmed to the World, Monday, April 3, that the latter was indeed being analyzed. Created in 2002 by the former judge Eric Halphen and Séverine Tessier, the anti-corruption association wonders about the independence of Mr. Lévy during a vote that validated the State’s takeover bid while the former president is a censor (adviser with consultative voice), on the board of directors of Société Générale, one of the two banks, with Goldman Sachs having presented the State’s offer.
This bank thus participated in the preparation of the offer, drafted an EDF valuation report, an information note relating to the elements used to assess the price of the offer and interacted with the independent expert appointed by EDF’s Board of Directors, as part of the preparation of the latter’s report.
The case goes back to the board of directors of October 27, 2022. Three months earlier, in July, the State announced its intention to become the sole shareholder of EDF. In this context, he formalizes a simplified takeover bid to buy back minority shares at a price of 12 euros each, and files his plan with the Autorité des marchés financiers (AMF). The latter must, however, obtain the green light from the EDF board of directors on the takeover bid at this price in order to be able to validate it. Which will be done on October 27.
A “preponderant” voice
On this date, the vote is adopted by seven votes to six. While the six salaried directors voted against the takeover bid, the independent directors voted in favor, and won thanks to the vote of Mr. Lévy. A qualified voice “preponderant” according to the statutes because it counts double and thereby helped to tip the vote. Knowing that the representatives of the State have, for their part, been required to abstain.
The council could have stopped there. If only a second vote takes place, on November 20, 2022. Officially, to make additions to the report written by the expert on the takeover bid in order to answer questions from the minority. Unofficially, several directors wishing to remain anonymous also mention the “willingness to guard against a possible complaint against illegal taking of interests against Jean-Bernard Lévy”.
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