France to nationalize country’s largest electricity supplier — RT Business News

France has announced a takeover bid to take full control of the country’s largest utility, EDF.

The government has made a 9.7 billion euro ($9.9 billion) bid to nationalize electricity supplier EDF, the country’s economy and finance ministry announced on Tuesday. The state already owns 84% ​​of the company’s shares.

The government plans to file the offer with the Financial Markets Authority in early September and hopes to finalize the takeover in late October, Euronews reported, citing the ministry.

The state will offer €12 per share, a 53% premium on the closing value the day before the government announces the nationalization plans.

France wants to take full control of indebted EDF to protect households from soaring energy bills while investing in renewables and nuclear, in line with a wider European policy of reducing reliance on fossil fuels imported.

According to reports, EDF’s debt could exceed 60 billion euros by the end of the year, and overall the rising cost of oil and gas is forcing European energy and utilities to go into debt to stay afloat.

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