Salem Radio Network News Thursday, August 18, 2022

Business

EDF to seek new CEO as France renationalises the utility

PARIS (Reuters) -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, 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).

(Reporting by Tassilo Hummel; Editing by Benoit Van Overstraeten and Edmund Blair)

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