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EDF to seek new CEO as France renationalises the utility

2022.07.07 09:41

EDF to seek new CEO as France renationalises the utility
EDF to seek new CEO as France renationalises the utility

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 renationalise 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 (EPA: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 nationalise 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).

 

EDF to seek new CEO as France renationalises the utility

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