PARIS (Agefi-Dow Jones)–The French state could spend between 8 billion and 10 billion euros to take full control of the electrician EDF, Reuters reported Monday evening, citing sources familiar with the situation. case.
“The cost of buying back the approximately 16% [du capital] remaining could reach nearly 10 billion euros, taking into account the convertible bonds in circulation and a premium compared to the current price” of EDF, reported Reuters, citing one of its sources.
The French State currently holds 83.9% of EDF’s capital.
Rather than pass legislation to nationalize the group in parliament, the government’s preference would be to launch a takeover bid, Reuters said, citing its sources.
This operation could take place in October or November, the sources told Reuters.
Contacted by the Agefi-Dow Jones agency, an EDF spokeswoman declined to comment. A spokesman for the Ministry of Economy and Finance was unable to respond immediately.
“A cost of 8 billion euros would represent a price of 12 euros per share”, calculated the analysts of Investec Securites.
At the end of the morning on Tuesday, EDF shares rose 6.2% to 10.25 euros, while the SBF 120 index lost 0.2%.
At the close of Monday, the title of the electrician registered an increase of 23% since the confirmation last Wednesday by the Prime Minister, Elisabeth Borne, of the will of the State to go up to 100% of the capital of the group.
-Alice Doré, Agefi-Dow Jones; +33 (0)1 41 27 47 90; [email protected] ed: LBO
Website: https://www.reuters.com/exclusive-french-nationalisation-edf
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July 12, 2022 05:07 ET (09:07 GMT)