The EDF shareholder workers have threatened to file a complaint against the State for its decisions regarding the energy company and its “harmful” consequences for the shareholders, a way of pressuring to defend their interests on the eve of the announcement of the government plan to renationalize the group to 100%.
“The seriousness of the damage inflicted on the company is illustrated by the dizzying drop in the value of the share, whose price fell from 32 euros when the capital was opened to the public at the end of 2005 to 7.4 euros at that time. of the statement of July 6, 2022 of the Prime Minister that the Government wanted to own 100% of the capital of EDF” (compared to the current 84%), argues the association, which also points to “the no less vertiginous increase in indebtedness”. .
Against a cheap buy
The main grievance of the association, “the sale, at a price below production costs, to competitors of at least a quarter of EDF’s nuclear electricity production (100 TWh), according to the so-called Arenh mechanism” ( Regulated Access to Historic Nuclear Electricity), created in 2010 to avoid prosecution by the European Commission, under the Nome law, which reforms the electricity market in France.
This mechanism allows EDF to sell a quarter of the electricity produced by its nuclear power plants to its competitors, with the idea of allowing new energy providers to benefit from the low production costs of the French nuclear park. The association also points to the closure “for purely political reasons” of the two reactors at the Fessenheim power plant in Alsace.
“The chute des cours résulte pour une part très important des décisions que l’etat a prises dans l’intérêt général. the rules of a private company, where the actionnaires are victims of decisions that are not in accordance with the intérêt”, commented by Colette Neuville, president of the Association of Defense of Minority Actionnaires, mandated by certain dans this file.
He wants the state to return to shareholders 32 euros per share, the share price at the time of the IPO. “Today the State must account for the management exercised as the company’s ultra-majority shareholder, management that has as a consequence the serious dispossession of a very large number of savers”, concludes the association, which judges that the State “treats EDF as a simple tool of its policy to the point of putting it in great trouble, in flagrant illegality”.
The title of EDF was suspended last Wednesday on the Paris Stock Exchange, the moment to allow the State to specify, no later than the Tuesday before the opening of the Paris Stock Exchange, the terms of the renationalization of the energy company announced in early July.
Source: BFM TV
