France to pay 9.7 bln euros to take full control of EDF

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PARIS — The French government is offering 12 euros per share to take full control of EDF, Europe’s biggest nuclear power operator, in a 9.7 billion euros ($9.85 billion) buyout offer that gives it a free hand to run the group as it contends with a European energy crisis. The finance ministry said in a statement the price represented a 53% premium to the closing price of EDF shares on July 5, the day before the government announced its intention to fully nationalize the group.

The state already owns 84% of EDF, which has been grappling with unplanned outages at its nuclear fleet, delays and cost overruns in building new reactors, and power tariff caps imposed by the government to shield French consumers from soaring electricity prices.

($1 = 0.9846 euros) ($1 = 0.9845 euros) (Reporting by Dominique Vidalon and Silvia Aloisi; Editing by Sudip Kar-Gupta)

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