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The takeover bid for EDF will be extended after an appeal by minority shareholders











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PARIS (Reuters) – The French government’s takeover bid (OPA) for EDF has been extended due to a legal challenge, the Autorité des marchés financiers (AMF) announced on Wednesday, which will publish later. a new schedule for the operation.

On November 22, the AMF gave the green light to the plan to buy back some 16% of the capital of EDF that the State does not yet hold for around 9.7 billion euros, and the public offer opened on November 24, for a closing initially scheduled for December 22.

In a notice published on Wednesday, the financial market policeman explains that an appeal was filed with the Paris Court of Appeal on December 2 to have its notice of compliance for the offer annulled.

“Pending the decision of the Paris Court of Appeal on the request for a stay, the public offer is extended (…) and new information will be published to publicize the modified timetable”, adds the AMF.

The association of employee shareholders of EDF Energie en action has contested from the start the price of 12 euros per share announced by the government, judging that it amounts to despoiling investors.

She questioned last Friday erroneous press information announcing a “success” of the takeover while the State, if it has crossed the threshold of 90% of the voting rights, does not yet hold 90% of the shares. EDF, a necessary condition for the completion of the operation which would pave the way for a squeeze-out offer.

As of December 6, the State held well over 90% of EDF’s voting rights but only a little over 86% of the shares, according to data available on the AMF and group websites.

(Report Matthieu Protard and Marc Angrand, edited by Kate Entringer)










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