repurchase The AMF has deemed “compliant” with stock market rules the draft simplified takeover bid (OPA), filed on October 4, indicates- she in a press release published on Tuesday evening
The government had formalized in mid-July its desire to control 100% of the French energy company. — AFP
The Authority of the financial markets (AMF) gave its green light on Tuesday for the complete takeover project of the energy company EDF launched beginning of October by the French State, which already holds 84% of the company’s capital. The AMF has judged “Compliant” to the stock market rules the draft simplified takeover bid (OPA), filed October 4, she said in a statement. published Tuesday evening.
This project provides for the acquisition from other shareholders of the 16% of the capital that the State does not yet hold, at a price of 12 euros per share. The acquisition of these shares is supposed to take place until December 8th and the AMF has not mentioned Tuesday evening of schedule change. It intends to publish “its reasoned decision as soon as possible”.
The State shareholder hopes to obtain, at the closing of the takeover bid, 90 % of the capital, threshold at; from which a procedure of compulsory withdrawal from the Stock Exchange can be launched to recover securities.
The government had formalized mid-July his will from controlling to 100% French energy specialist. For the State, which wants to build six new-generation EPR nuclear reactors, with an option for eight others, this costed operation at 9.7 billion euros is strategic and also aims to send a signal of confidence to debt investors.
EDF is experiencing financial difficulties due to cause of a record decline in its electricity production, a consequence of the unavailability of part of its nuclear fleet due to corrosion problems, scheduled maintenance and a social movement, but also because of the tariff shield which protects the French from excessive increases the price of energy.
A debt of up to 60 billion euros
In total in 2022, this fall in production will affect profitability. from EDF, weighing at 32’billion euros on gross operating surplus (Ebitda), and the group’s debt could reach the record total amount of 60’billion euros at the end of the year. the end of the year.
Since the beginning of the operation, small shareholders (mostly employees and former employees) have challenged the “opinion” ;favorable” issued on October 27 by the Board of Directors with respect to; the renationalisation of the group at a price of 12 euros per share and are demanding a minimum of 15 euros.
They attempted several legal actions, without having won until’` now. Last step to date, they assigned EDF in court on Monday for breaches of information obligations and a conflict of interest concerning the current president of the group.
“We are not going to stop there ;”
“We are extremely disappointed that the AMF did not take into account all the arguments that we could develop, at the same time. both in substance and form, reacted to AFP Martine Faure, leader of these small shareholders, denouncing “a complete undervaluation ;”t of the company”.
According to her, the independent expert who judged “Equitable” the price of 12 euros is based on on “poor assumptions” that EDF will sell to low price at; its competitors next year.
“What is our recourse today, at the French level, compared to France? ça? We are looking, we are not going to stop there anyway, ” promised Ms. Faure, who also plans to fight at European level.