Bercy proposes to acquire the 15.9 % of the capital that it does not hold at a price of 12 euros per share
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October 2005: The government of Dominique de Villepin undertook EDF’s stock market at 32 euros per share; July 2022: that of Elisabeth Borne is preparing to bring her out at … 12 euros. Tuesday, July 19, just before the opening of the Paris Stock Exchange, the State, which currently holds 83.9 % of the energy company, announced its intention to launch a public purchase offer (OPA) on 100 % of capital. The operation should cost him 9.7 billion euros, according to the Ministry of the Economy, who said he did not have the authorization of Brussels on this point. The OPA out of the 15.9 % of the capital to acquire it will be on the basis of an offer of 12 euros per share, and 15.64 euros per Oceane (convertible obligation). Suspended on July 13, after the announcement of renationalization, the action had completed the session at 10.22 euros. It resumed, Tuesday, its rating up more than 15 % at the opening, at 11.75 euros.
With regard to the procedure to follow, the government provides that the offer will be submitted by early September to the Autorité des Marchés Financiers (AMF), provided that an amending finance law is promulgated With the credits necessary for 2022. “This operation gives EDF the means necessary to accelerate the implementation of the new nuclear program wanted by the President of the Republic and the deployment of renewable energies in France,” said Bruno Le Maire Tuesday , the Minister of the Economy.
“Criminal complaint”
Will that be enough to convince the minority shareholders? Some are already standing against the price of 12 euros announced by the State. Mandated by certain funds and individual shareholders, Colette Neuville, the president of the association for the defense of minority shareholders, intends to fight so that the State grants the 32 euros per title that some had invested during the introduction in Sotck exchange. “The fall in courses results for a very large part from the decisions that the State has made in the general interest, she underlines. It is not a question of criticizing these decisions, but of noting that it is was incompatible with the governance and the rules of a private company “.
Ms. Neuville says she is ready, if necessary, to enter the AMF, so that the latter does not issue her decision of compliance necessary for the opening of the offer. For its part, the Energy Association, which represents employee shareholders and former EDF employees (1.5 % of the capital, second shareholder after the State), confirmed its intention to “introduce a criminal complaint with constitution of civil party “against the State for” putting into difficulty of the company “. A procedure that should not delay the operation, according to Bercy.