The title of EDF was suspended on Wednesday on the Paris Stock Exchange at the request of the group.
"Following the announcements of the Prime Minister, and after discussions with the Financial Markets Authority, EDF SA has requested the suspension of the listing of its capital securities until further notice", specifies the group.
The 100% nationalization whose principle was recorded last week by Prime Minister Elisabeth Borne is thus entering its active phase.
At the time of its suspension, EDF shares were worth 10.23 euros.
The title has thus jumped more than 30% since the announcement of the renationalization project.
To discover
Consult the equity portfolio of the Figaro Bourse editorial staff
Investors literally rushed into EDF shares, hoping for a significant premium from the State to buy back the 16% stake in the company that it does not hold.
“The State is currently carrying out the work to define the terms and will specify its intentions no later than July 19, 2022 before the stock market,” said Bercy.
To withdraw EDF from the Paris Stock Exchange, the French State will have to make a public purchase offer (OPA).
He will have to set the price at which he undertakes to buy back the shares.
"The most plausible hypothesis is that of a simplified buyout offer, which would impose a generous premium of between 20 and 30%" explains a professional.
“The suspension of the course is a completely usual procedure when there is a plan to buy out minority shareholders” adds this professional.
According to him, "this prevents speculation from taking off".
At the current price, EDF capitalizes 39.55 billion dollars, which values the 16% coveted by the State at just over 6.3 billion euros.
But the bill should be heavier.
The government wants to move quickly.
To convince the minority and prevent them from feeling left out, they should offer a bonus.
Some analysts suggest a price of 12 euros per share, which values the 16% held by minority shareholders and employees at just over 7.4 billion euros.
The government wants to complete the operation in the fall
"The government wants to complete the operation in the fall and it should pay more than 8 billion euros to take full control of EDF," said sources "acquainted with the matter" quoted by Reuters.
Taking into account the convertible bonds Océanes in circulation and a premium compared to current market prices, "the bill could climb to nearly 10 billion euros", added these sources.
Others are more measured and believe that the government will have to find a fair compromise between the interests of shareholders and those of taxpayers.
The renationalisation of EDF should allow the government to accelerate the transformation of the company and facilitate its financing in a context of major changes for EDF, against a backdrop of the energy crisis linked to the war in Ukraine.
Hurry up.
To cope with growing demand, the group must indeed bring back into service power plants that have been shut down for maintenance and set up a new nuclear construction program.
