The government is coming out of the woodwork on its plans for EDF.
In a press release published on Tuesday, Bercy clarified its plans to take full control of the energy company, as announced by the Prime Minister to the deputies.
The State will therefore "
launch a simplified takeover bid on EDF's capital securities
", in order to withdraw the company from the listing.
"
The State intends to acquire 15.9% of EDF's capital as well as 60% of the bonds convertible into and/or exchangeable for new or existing shares (OCEANEs) that it does not hold not, through a simplified tender offer (the Offer) which would be filed with the Autorité des Marchés Financiers (AMF) subject to the promulgation of an amending finance law for 2022 [.. .] carrying the budgetary appropriations necessary for the Offer
”, specifies the Ministry of Economy and Finance.
The State offers "
12 euros per EDF share, coupon attached
", i.e. a respective bonus of "
53%, 46% and 34% on the closing stock market price of July 5, 2022 [...] and on the average of share prices weighted by volumes for the last 60 days, and for the twelve months preceding July 5, 2022
”.
At the same time, the public authorities are offering “
15.64 euros per OCEANE
”.
In total, the offer would represent some 9.7 billion euros, according to the government, assuming a complete buyback of the shares and the OCEANEs.
It would be filed "
by early September 2022 with the AMF
", provided that the 2022 amending budget is voted.
A way to strengthen France's energy sovereignty
The public authorities had until Tuesday to “
specify [their] intentions
” concerning the energy company and explain how this group will be taken over.
These elements had to be transmitted "
no later than July 19, 2022 before the stock market
", specified Bercy, last week, adding that "
the State intends to proceed with the acquisition of the EDF capital securities that he does not hold to increase his participation to 100% of the capital of the Company
”.
Majority shareholder
During her general policy speech, Elisabeth Borne confirmed that the government wanted to "
hold 100% of the capital of EDF
".
A way, according to the Prime Minister, to strengthen France's energy sovereignty, to accelerate decision-making within the group and to "
take strong, radical decisions
" in a particularly difficult context.
Renationalizing the tricolor energy giant must allow the State to regain "
full control of electricity production and its performance
", while defending the "
sovereignty
" of France, also argued the former minister. work.
For the time being, the State is the majority shareholder of EDF, holding 84.08% of the capital, as of June 30, according to figures from the company.
The other shares are held by institutional and individual shareholders, for 14.8%, by employee shareholders, for 1.08%, and in treasury, for 0.04%.
It will therefore be necessary to buy back some 615.8 million shares to hold all of them.
During the last exchanges, last week, the title was displayed at 10.225 euros, up sharply.
