France now holds over 90% in EDF, allowing for squeeze-out, ministry says

The EDF logo is seen on the back of an employee during a visit at French utility EDF's Penly Nuclear Power Plant in Petit-Caux, near Dieppe, France, December 9, 2022. REUTERS/Benoit Tessier/File Photo

PARIS, Jan 20 (Reuters) - The French state acquired enough EDF (EDF.PA) shares on the market to start squeeze-out proceedings as it fully nationalises the nuclear energy giant, the finance ministry said on Friday.

The government now holds 92.71% of voting rights in EDF, the ministry said, marking the successful end of the full takeover proceedings, launched by President Emmanuel Macron's government last summer, which cost Paris some $10 million.

Debt-laden EDF (EDF.PA), Europe's biggest nuclear power operator, runs France's nuclear reactor fleet, some hydropower plants and other production sites and supplies millions of households with electricity.

Its de-listing from the Paris stock market will be the end of an era for the utility which was partially privatised in 2005, when a chunk of its share capital was floated at 33 euros ($35.82) a share.

The government last year offered minority shareholders 12 euros per share - still a 53% premium to the company's trading value at the time after EDF had suffered various setbacks including unplanned reactor outages, delays and cost overruns in building new plants, and government-imposed power tariff caps.

($1 = 0.9213 euros)

Reporting by Tassilo Hummel; Editing by Josie Kao

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