April 15, 2019 / 5:56 AM / 8 days ago

EDF board to review restructuring plans May 28 - Le Parisien

PARIS, April 15 (Reuters) - French utility EDF will kick off its restructuring plan with a May 28 board meeting to discuss plans for a partial renationalisation of the state-controlled utility’s nuclear activities, Le Parisien newspaper reported on Monday.

The paper said that state holding company APE chief Martin Vial and a finance ministry official had confirmed that the board’s strategy committee would review a restructuring plan for the firm on May 28.

It added that on June 7, the plan - codenamed Project Hercules - would be presented to 200 top managers and on June 20 to union representatives.

The French government said in November it would consider boosting its stake in EDF and possibly create a new parent company with subsidiaries.

The state has long been looking at how to restructure EDF in order to isolate its nuclear business from stock market pressure.

APE was not immediately available for comment. (Reporting by Geert De Clercq; editing by Richard Lough)

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