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France’s government working out how to take full control of indebted nuclear company EDF

 Banks line up for French state buyout of EDF. The French government is
working with Goldman Sachs and Société Générale as it explores taking
full control of utility EDF, with a tender offer to minority shareholders
the preferred option, according to people familiar with the matter. The
government announced this week it would take back the 16 per cent of EDF it
does not already own, saying the move would bolster the energy group’s
finances as it prepares for more investment in expensive nuclear reactors
and allow France to gain even greater control on its electricity production
as Europe is rocked by an energy crisis. The government has yet to detail
how it will take full ownership of the indebted company. A public offer to
EDF shareholders, rather than trying to push a nationalization bill through
parliament, appears to be the quickest and most feasible plan, according to
three people familiar with the matter.

 FT 8th July 2022

July 11, 2022 - Posted by | business and costs, France, politics

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