EDF to seek new CEO as France renationalizes the utility

Buying the shares the government does not already own at the current prices would cost about 5 billion euros ($5.09 billion).


Reuters | Paris | Updated: 07-07-2022 12:04 IST | Created: 07-07-2022 11:57 IST
EDF to seek new CEO as France renationalizes the utility
Gabriel Attal Image Credit: Wikipedia
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  • France

EDF and the French state will kick off the process of finding a new boss for the utility a day after the government announced its plan to fully renationalize the company, the French power company said on Thursday.

"The state and Jean-Bernard Levy have agreed to launch the succession process from now," the French economy ministry, which manages the state's 84% stake in EDF, said in a statement. EDF confirmed the decision, adding in a separate statement that Levy, whose term officially ends in 2023, was prepared to step down earlier once a successor had been found.

France's prime minister announced plans on Wednesday to fully nationalize EDF in a move that would give the government more control over restructuring the debt-laden group while contending with a European energy crisis. French budget minister Gabriel Attal said on Thursday it was too early to put a price tag on the move to acquire the approximately 15% of EDF shares now traded on the market.

"This will depend on the company's shares," Attal told France 2 television. Buying the shares the government does not already own at the current prices would cost about 5 billion euros ($5.09 billion).

 

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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