legal battle Small EDF shareholders are fighting on several fronts to prevent the total nationalization of the energy company
Illustration of the EDF logo — SOPA Images/SIPA
A modified schedule and an outcome that is still uncertain for the total nationalization of EDF’ due to multiple lawsuits. The Authority Financial Markets (AMF) has extended on Wednesday the duration of the public takeover bid (OPA) by the French state to fully buy out the French electricity supplier. French, citing a legal action by minority shareholders. “Pending the decision of the Paris Court of Appeal on the request for a stay, the public offer is extended,” the gendarme of the Stock Exchange in a press release, without giving a new date for the end of the operation. The period during which the state could carry out its purchases of shares on the markets was initially 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 released to publicize the revised schedule,” the AMF.
Small shareholders of EDF are waging a legal battle on several fronts to prevent the total nationalization of the energy company and challenge its price, currently set. by the state to 12 euros per share. This award has been validated by a report made by an independent expert, but small shareholders believe that the company is undervalued and that it has been unfairly penalized in its receipts by an imposed mechanism; by the state (Arenh) forcing him to sell power to; low price at; alternative suppliers.
“Failing the Takeover”
The stock market policeman, who grants the authorization to launch a takeover bid on the basis of this report in particular, had given on November 22, its green light for the takeover project. But an appeal was made. deposited on December 2 before the Paris Court of Appeal to overturn this decision, accompanied by of a request for a stay of execution its execution. “Our aim is still to defeat the takeover because 12 euros per share does not reflect the value of the company,” to AFP Martine Faure, the president of EDF en actions, an association which represents the first group of minority shareholders of EDF with 1.31% of the capital.
The association filed a a lawsuit jointly with “Energie en actions” to both before the Court of Appeal, but also before the Paris Commercial Court. On this last part, the case must be examined Friday afternoon before three judges, after a first procedural hearing on Monday. “We hope this time to be heard on the merits,” Martine Faure, 63, elected CFE-CGC within EDF where she is a financial specialist. Small shareholders are demanding a minimum of 15 euros per share.
Two other associations support the approach, EDF Actionnariat Salarié and the Association for the Defense of Employee Shareholders (Adas). The latter has on its side deposited a request to the Council of State on Monday evening. “In the law opening the capital of EDF, it is provided that any modification must go through the National Assembly. But it’s currently the government that did it”, justifies the president of this association, Jean-Pierre Lettron, 69, a retired commercial executive. from EDF.