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EDF to take over its renewable energy subsidiary

EDF has made a public offer for the remaining shares of its renewable energy subsidiary, EDF Energies Nouvelles (EDF EN).

By Renewable Energy Focus staff

EDF, which already owns 50% of EDF EN has made an offer of €40 per EDF EN share, or 13 EDF shares in exchange for every 11 EDF EN share.

Société Internationale d’Investissements Financiers (SIIF) and Pâris Mouratoglou, holding 25.09% of the remaining shares, have accepted the offer. Mouratoglou would be the Chairman of the Board of EDF EN.

EDF EN’s Board has expressed its support for the offer saying a full integration could strengthen the cooperation with EDF and strengthen its growth.

Mouratoglou says: “The present proposal announced […] by EDF takes place at a turning point of the development of EDF Energies Nouvelles. That is also an important recognition of the work accomplished by EDF Energies Nouvelles teams since its creation. I consider this proposal as an excellent opportunity for EDF Energies Nouvelles and for its teams, and I approve it in its entirety as a shareholder. By fully integrating with the EDF group, we will continue to develop together our renewable activities.”

Result of Japan disaster?

The Financial Times speculates that EDF’s offer follows the nuclear disaster in Japan as several countries are now thinking twice about nuclear power. EDF is the largest nuclear power plant operator in the world.

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