French State in €9.6 Billion Tender Offer to Delist EDF

October 4, 2022

Cleary Gottlieb is advising the French State in connection with its announced €9.6 billion tender offer to delist Électricité de France (EDF).

The French State, which already holds 83.7% of the EDF’s share capital, intends to acquire the remaining 16.3% shares as well as the 60% of convertible bonds (OCEANE) it does not already hold. The intended offer price is €12 per EDF share and €15.52 per convertible bond (assuming an opening of the offer on November 10, 2022).

The tender offer was filed with the French Autorité des marchés financiers (AMF) on October 4, 2022. The visa of the AMF on the offer document is expected to be obtained in November 2022, and the transaction is expected to close by the end of the year 2022.

This proposed delisting of the French nuclear specialist comes amid the energy and global warming crisis and will enable the French State to strengthen its energy independence and plan for the production and distribution of power over the long run.