BusinessSuspended the negotiation of EDF pending information on the renationalization

Suspended the negotiation of EDF pending information on the renationalization

Archive – Photovoltaic self-consumption – EDF FENICE – Archive

The negotiation of the shares of Électricité de France (EDF) on the Paris Stock Exchange has been suspended this Wednesday at the request of the company itself due to the information on the renationalization of the company and pending a statement in this regard from the French Government.

“Following the Prime Minister’s announcements and after exchanges with the French Financial Markets Authority, EDF has requested the suspension of trading in its equity securities until further notice,” the company announced, which will not make any further communications. on this subject until the French State publishes a press release.

Last week, the French prime minister, Élisabeth Borne, confirmed the State’s intention to regain 100% ownership of EDF, of which it currently controls 83.88% of the share capital.

Likewise, the Ministry of Economy and Finance of the Gallic country began the process of searching for a successor for Jean-Bernard Lévy as president and CEO of EDF.

In this way, the mandate of Lévy, 67 years old and at the head of the ‘utility’ since 2014 as president and CEO of EDF, will end no later than March 18, 2023, taking into account the age limit established by the statutes of the company.

The renationalization of EDF will mean fulfilling one of the promises made during the campaign for his re-election last March by the French president, Emmanuel Macron, who had defended the nationalization of the company to reinforce French energy independence and as a pillar of the strategy to achieve the ambition of zero emissions through the construction of new nuclear plants.

Last April, EDF completed a capital increase of 3,150 million euros, in which the State subscribed some 2,700 million equivalent to its weight in the company, in order to finance the Group’s development operations between 2022 and 2024; strengthen the credit rating and its access to financing markets; Y
more generally, to strengthen the financial flexibility of the utility.

The French ‘utility’ obtained in 2021 a net attributable profit of 5,113 million euros, which is practically eight times more than the result of 650 million euros recorded the previous year, while the gross operating result (Ebitda) increased by 11.3%, up to 18,005 million.

Likewise, during the past year the company reached a turnover of 84,461 million euros, 22.3% above the revenue recorded in 2020. However, EDF’s net financial debt increased to 43,000 million euros .

The electricity company began trading on the Stock Exchange in 2005 and reached a historical maximum price of over 75 euros in November 2007, compared to 10.22 euros today.

Source: Europa Press

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