France submits bid for full control of power company EDF

The French authorities needs to take over the electrical energy transmission company EDF utterly.

Accordingly, 12 euros per share was supplied to take control of EDF.

9.7 billion euros proposed

It was famous that the entire urged quantity for the acquisition was 9.7 billion euros.

The Paris administration has publicly introduced its intention to utterly nationalize Europe’s largest nuclear power operator.

84 % is below state control

The French state at present holds 84 % of the EDF. The company faces strain from unplanned cuts to its nuclear fleet, delays within the development of new reactors, value overruns and shielding French customers from rising electrical energy costs.

The conflict in Ukraine has deepened the disaster within the debt-laden company, Reuters reported.

“Expropriation will improve the safety of power reserves”

As Europe tries to search out options to Russian gasoline provides, France says nationalizing EDF will improve the safety of its power reserves.

In response to a supply from the Ministry of Finance, the French authorities goals to finish the method by the top of October.

16 % can be bought

The identical supply added that the deliberate expropriation won’t require approval from the European Fee.

However, sources on the topic stated final week that the federal government will provide near 10 billion euros to purchase 16 % of EDF, which it doesn’t at present personal.

“Painful however essential”

Gabriel Attal, Minister of State for Public Accounts of France, “It is a step that can enable us to take a position closely in nuclear.” stated.

Ingo Speich, head of sustainability and company governance at Deka, who owns a small stake in EDF, stated: “Finally, nationalization is the one method to save the company and guarantee electrical energy era. It is a painful however essential step.” he stated.