France has taken a decisive step toward re-nationalizing EDF, announcing a public offer to acquire 15.9% of the electricity group. The government’s plan sets the price at 12 euros per share, a move that would raise the state’s stake and increase the company’s ownership by the public sector. The total value tied to this buyout is reported at 9.7 billion euros, pending approval from the French Ministry of Economy and Finance. The latest market action saw EDF shares, which were halted on the Paris Stock Exchange on 13 July, resume trading the following day and jump about 15% as investors digested the government’s terms for the offer. The government aims to purchase 15.9% of EDF’s capital and 60% of existing convertible bonds (Oceane) through a simplified takeover bid that will be submitted to the Financial Markets Authority (AMF) in early September.
According to the proposal, minority shareholders of EDF would receive 12 euros per share, representing a premium of roughly 53% over the price recorded on 5 July. The government’s objective, as confirmed by French Prime Minister Elisabeth Borne, is to re-nationalize the company, aligning with a broader energy strategy. In parallel, the government stated it would pay 15.64 euros for each convertible bond (Oceane) that is not currently owned and converted into new or existing shares. The Ministry added that, once the proposal is finalized, a compulsory sale could follow if the stated conditions are met.
Officials argued that this operation strengthens France’s energy independence and equips EDF with the tools needed to accelerate the new nuclear program supported by the President, while expanding the deployment of renewable energy across the country. Bruno Le Maire, the minister overseeing industry and digital sovereignty, underscored the government’s unwavering backing for this industrial project on a scale not seen in decades.
The renationalization narrative ties into a broader political pledge from the March re-election campaign of President Emmanuel Macron, who promoted nationalization as a pillar of energy sovereignty and emissions reduction through the expansion of nuclear capacity. Earlier this year, EDF completed a capital increase of 3.15 billion euros, with the government committing 2.7 billion euros to reflect its stake and to finance development plans for 2022–2024. The move was intended to bolster EDF’s credit profile and liquidity for market access, while strengthening the group’s overall financial flexibility.
In terms of recent performance, EDF posted a 2021 net profit attributable to equity holders of 5.113 billion euros, with EBITDA rising about 11.3% to 18.005 billion euros—almost eight times the prior year’s result of 0.65 billion euros. The company also reported revenue for the year around 84.461 billion euros, up 22.3% from 2020. On the downside, net financial debt climbed to roughly 43 billion euros, reflecting financing needs tied to its ongoing capital and development programs.
EDF’s listing history traces back to 2005, with a landmark peak in November 2007 when the stock traded above 75 euros. Observers note that the government’s re-entry into EDF’s capital structure signals a strategic shift toward a state-backed model of energy infrastructure, particularly as France advances its nuclear and renewable energy agenda. The implications extend beyond corporate finance, touching national security of energy supply and long-term climate commitments, and they invite close scrutiny from investors, regulators, and citizens alike. [citation attribution: Government briefing and official statements]