France has definitively dropped EDF's "Hercules" restructuring plan - Le Maire

French Economy Minister Bruno Le Maire speaks during the European Space Agency (ESA) Council at Ministerial level (CM22) at the Grand Palais Ephemere in Paris, France, November 23, 2022. REUTERS/Benoit Tessier

PARIS, Dec 9 (Reuters) - France has definitively shelved plans for a restructuring of the state-controlled nuclear power group EDF (EDF.PA), code-named Hercules, French Finance Minister Bruno Le Maire said on Friday.

"Hercules has been dropped and we will not go back on it," Le Maire said during a visit of the Penly nuclear site in northern France.

The revamp, which aimed to separate the debt-laden nuclear power business from the rest of the company’s assets, had been dropped after it notably raised concerns about job security among employees, who feared that a split between the EDF businesses could result in job cuts.

France is buying out the 16% of EDF it does not already own to take the company private and have a free hand in running it as European governments seek to secure its energy supplies.

Reporting by Dominique Vidalon; Editing by Benoit Van Overstraeten

Our Standards: The Thomson Reuters Trust Principles.