Energy giant EDF has announced that the French Government’s bid for its shares has resulted in a larger ownership stake of 97.69%.

Experts now say the government wants to acquire the remaining shares through a process called squeeze-out, aiming to become the sole owner of EDF by 8th June.

EDF has also shared that the government has asked to convert certain convertible bonds into new shares.

After the recent offer, the French Government will hold not only 97.69% of EDF shares but also at least 98.04% of voting rights, the company said.

They will also have 99.97% ownership of the circulating OCEANE bonds.

EDF owns and operates eight nuclear power stations in the UK and is building a new one at Hinkley Point C in Somerset.