A modified schedule and an outcome still uncertain for the total nationalization of EDF because of multiple legal actions. The Autorité des marchés financiers (AMF) on Wednesday extended the duration of the French state’s takeover bid to fully buy out the French electricity supplier, citing a legal challenge from minority shareholders. “Pending the decision of the Paris Court of Appeal on the request for a stay, the public offer is extended”, announced the stock market policeman in a press release, without giving a new end date. ‘operation. The period during which the State could carry out its purchases of shares on the markets was initially to end on December 22. The AMF’s general regulations allow it to postpone the closing date of a takeover bid “for the duration of the offer”. “New information will be published to publicize the modified schedule,” said the AMF.
Small shareholders of EDF are waging a legal battle on several fronts to prevent the total nationalization of the energy company and challenge its price, currently set by the State at 12 euros per share. This price was validated by a report carried out by an independent expert, but the small shareholders believe that the company is undervalued and that it has been unfairly penalized in its receipts by a mechanism imposed by the State (Arenh) l forcing them to sell electricity at low prices to alternative suppliers.
“Fall the takeover bid”
The stock market policeman, who grants the authorization to launch a takeover bid on the basis of this report in particular, gave the green light to the takeover project on November 22. But an appeal was filed on December 2 before the Paris Court of Appeal to annul this decision, accompanied by a request for a stay of execution. “Our objective is always to defeat the takeover bid because 12 euros per share does not reflect the value of the company”, commented to AFP Martine Faure, the president of EDF in actions, association which represents the first group. minority shareholders of EDF with 1.31% of the capital.
The association filed an appeal jointly with “Energie en actions” both before the Court of Appeal, but also before the Paris Commercial Court. On this last aspect, the case must be examined Friday afternoon before three judges, after a first procedural hearing on Monday. “We hope this time to be heard on the merits,” said Martine Faure, 63, elected CFE-CGC within EDF where she is a financial specialist. Small shareholders demand a minimum of 15 euros per share.
Two other associations support the process, EDF Actionnariat Salarié and the Association for the Defense of Employee Shareholders (Adas). The latter, for her part, filed a request with the Council of State on Monday evening. “In the law on the opening of EDF’s capital, it is provided that any modification must go through the National Assembly. However it is currently the government which made it , justifies the president of this association, Jean-Pierre Lettron, 69 years, commercial executive retired from EDF.