France’s buyout of EDF may soon lead to complete nationalisation of the energy company after an appeals court dismissed a complaint filed by a group representing minority shareholders.
The court rejected the complaint, which claimed the buyout price of €12 (£10.5) per share was too low.
EDF, which has been struggling with debt issues, posted a net loss of €12.7 billion (£11.2bn) for 2022 due to repairs on its nuclear fleet leading to a decrease in power output.
The buyout will now proceed, with the offer reopening for ten trading days from 4th May 2023 to 17th May 2023, in accordance with the French State’s commitments.
After this period, the French State will request the implementation of a squeeze-out procedure for EDF shares and OCEANEs, which will meet the necessary legal and regulatory conditions.
