Trading in the shares of the French electricity company EDF officially ended on the Paris stock exchange today. All its shares are owned by the French state, the Ministry of Finance and Economy wrote today.
All the capital owned by the state
The French Ministry announced that the French State “currently holds all the capital and voting rights in EDF”.
When the state began buying out minority shareholders last year, it already held 84% of the company. The price of €12 per share offered by the state was considered low by many shareholders, who turned to the courts. This slowed down the whole operation. According to the press, the share buyout cost the French state €9.7 billion.
Renewal as a government priority
“Restoring control over the entire capital of our power company was a government priority,” said Bruno Le Maire, Minister of Finance and Economy. President Emmanuel Macron’s government said this would make it easier to make decisions at the company, for example on the construction of new nuclear reactors.
However, according to the French press, EDF’s future remains uncertain even after the state became its sole owner. This is mainly due to the company’s high debt burden. The company’s net debt rose to €64.5 billion last year from €43 billion the previous year. EDF is also facing large-scale investments not only in nuclear power plants but also in renewable energy.
Source Czech Press Office
