(BFM Bourse) – The AMF extends the duration of the French State’s takeover bid for EDF due to the filing of a legal action. The new timetable for the offer will be communicated at a later date.
The Financial Markets Authority (AMF) announced on Wednesday that it was extending the duration of the public takeover bid (OPA) by the French State to completely nationalize EDF, due to the legal action by minority shareholders against this operation.
“Pending the decision of the Paris Court of Appeal on the request for a stay, the public offer is extended”, announced the AMF in a press release, without giving a new date. The takeover bid was due to close on December 22.
The AMF’s general regulations allow it to postpone the closing date of a takeover bid “for the duration of the offer”. “New information will be published to publicize the modified schedule,” says the AMF.
A sling of small shareholders
On October 27, small EDF shareholders, mostly employees and former employees, challenged before the AMF the “favorable” opinion of the EDF board of directors concerning the renationalisation of the group and especially the price of 12 euros. per share proposed by the State, deemed too low.
The stock market policeman had not accepted the criticisms and had given the green light to the takeover project on November 22, but an appeal was filed on December 2 before the Paris Court of Appeal to annul this decision.
The French state and Bpifrance together held more than 90% of EDF’s voting rights and 86.2% of the capital, according to the latest statement dated Wednesday.
For the takeover bid to be successful and allow the State to initiate a compulsory withdrawal of EDF shares from the stock market, these two thresholds must exceed 90%.
(With AFP)
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