France has announced a takeover bid to gain full control of the country’s largest utility, EDF.
The government has made an offer of €9.7 billion ($9.9 billion) to nationalize electricity provider EDF, the country’s Ministry of Economy and Finance said on Tuesday. The state already owns 84% of the company’s shares.
The government plans to file the offer with the Financial Markets Authority by early September and hopes to complete the takeover at the end of October, Euronews reported, citing the ministry.
The state will offer €12 a share, a premium of 53% on the closing value the day before the government first announced the nationalization plans.