EDF wants full ownership of alternative energy subsidiary
French power utility Electricite de France S.A. is planning to buy the remaining shares of its renewable energy subsidiary EDF Energies Nouvelles, shares that the former does not own, for as much as 1.55 billion euros ($2.16 billion).
EDF, which owns only half of EDF Energies Nouvelles, is offering to purchase the remaining 50 percent stake from minority stakeholders either through cash, at 40 euros per share, or through share swapping.
For the stock offer, the utility plans to give 13 of its shares in exchange for 11 in the subsidiary.
The Mouratoglou Group of the subsidiary’s chairman, Paris Mouratoglou, has agreed to sell its 25.1 percent stake in the subsidiary for a 50-50 cash and shares deal, EDF said.
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