EDF: minority shareholders put pressure
The minority shareholders of EDF are not letting go in the face of the next takeover bid by the State at 12 euros per share on the 15.9% of the capital that it does not yet possess. If this price represents a premium of 53% compared to the closing price of July 5, the day before the announcement by the Prime Minister of the renationalization project, some consider it insufficient. Reuters revealed today that the Association for the Defense of Minority Shareholders (Adam) had sent a letter to EDF CEO Jean-Bernard Lévy.
The association chaired by Colette Neuville urges the leader to go to court to claim 8.34 billion euros in compensation from the State after the government's decision in January to increase the volumes of nuclear electricity sold at reduced prices to competitors of the group, a measure intended to limit the rise in invoices, indicates the press agency.
"Admittedly, EDF filed an appeal with the Council of State two weeks ago to this effect, but Adam considers that only an action before an administrative court before the filing of the takeover bid with the Autorité des marchés financiers (AMF) would be able to influence the decision of the regulator and that the amount of the estimated damage be taken into account in the valuation of the company”, explains Reuters.
At the same time, the association Energie en actions, which represents employee shareholders and former employees of EDF, told Reuters that it was working hard to sue the State which it accuses of having jeopardized the financial health of the French group.
EDF was listed on the stock market in 2005 at a price of 32 euros per share.