France · Competition
How France took EDF from majority to full state ownership
France became EDF's sole shareholder on 8 June 2023. The state first used a tender offer, then acquired the remaining covered shares and convertible bonds in a compulsory transfer.
Sources checked
- 4 October 2022Tender offer filed
France submitted a proposed simplified tender offer for EDF shares and OCEANEs. Source 1
- 22 November 2022AMF cleared the offer
France's financial markets regulator declared the offer compliant. Source 2
- 2 May 2023Court rejected challenge
The Paris Court of Appeal rejected the challenge to the AMF's clearance. Source 3
- 4 to 17 May 2023Offer reopened
Holders had another ten trading days to tender eligible securities. Source 3
- 23 May 2023Final result and request
The state reported 97.69% of EDF's capital and requested the squeeze-out. Source 4
- 8 June 2023Squeeze-out and delisting
The state acquired remaining covered securities at the offer prices. Source 2
The tender, court ruling and compulsory transfer were distinct steps.
France already held a majority stake
The state filed the proposed purchase of EDF shares and OCEANEs in October 2022. OCEANEs were bonds with an option to convert or exchange into EDF shares. The offer covered both instruments at separately stated prices. Source 1 Source 2
A shareholder challenge preceded the reopening
Minority shareholder groups challenged the AMF's decision clearing the offer. EDF reported that the Paris Court of Appeal rejected the challenge on 2 May 2023. The offer reopened two days later and ran until 17 May. Source 3
The tender raised the holding to 97.69% of capital
The ministry reported ownership of 3.91 billion shares and at least 98.04% of voting rights at the close. It also reported that the state held 99.97% of the outstanding OCEANEs. The shares and bonds had separate ownership totals. Source 4
The final step removed the securities from trading
Remaining covered shares transferred for EUR 12.00 each and remaining covered OCEANEs for EUR 15.52 each. EDF reported that the shares were delisted from Euronext Paris, the bonds from Euronext Access and the state held all share capital and voting rights. Source 2