The French government is willing to pay more than eight billion euros to acquire 100% of the capital of Électricité de France (EDF), according to two sources with knowledge of the matter cited by Reuters. The same sources add that the goal is to complete the deal in the last quarter of this year. Currently, the State owns an 84% stake in energy.
One of the sources revealed that the purchase cost of the 16% stake, which is not yet state-owned, could reach almost 10 billion euros, when accounting for bonds convertible into shares and the premium paid for this offer compared to the current price of shares in the company. energy – that is, the surplus offered by security against their current price. Contacted by the British agency, EDF and the French Ministry of Economy declined to comment. The sources did not provide figures on the size of this award.
The next steps will consist of the French State fixing a price for the offer, a value that will be reviewed by an independent entity. The sources revealed that the Government intends to complete the operation in the fourth quarter, which implies that it will have to announce the terms of the offer in the coming weeks, before the holiday season in August.
Last weekend, French Economy Minister Bruno Le Maire stressed that this operation “will not be completed in days or weeks, but in months”. The governor promised to give more details about the entire process “in the coming weeks”.
The nationalization of EDF was announced earlier this month by French Prime Minister Elisabeth Borne.
In addition to being in debt, the company faces budget overruns at new nuclear plants in France and the United Kingdom, as well as corrosion problems in some of the aging reactors, which have heavily penalized the value of its shares in recent months.