French Authorities Start Nationalization Of EDF Energy Company

According to a statement from the French financial authority, which was cited by the AFP news agency, the French government on Tuesday formally began the process of nationalizing the country’s largest energy business, EDF.

84 percent of the corporation is currently under state ownership. On Tuesday, a public acquisition bid was made to purchase the remaining 16% of the business. The sale will be worth €9.7 billion.

The energy giant EDF, which finished the first half of the year with record losses, will be nationalized, the French government declared in July. The losses totaled €5.3 billion, the corporation’s report shows.

EDF filed a claim with the French Supreme Court for €8.34 billion in August to make up for losses resulting from the sale of power at a discount amid price caps imposed by the government.

source: afp.com

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