French State in €9.7 Billion Tender Offer to Delist EDF

July 20, 2022

Cleary Gottlieb is advising the French State in connection with its announced €9.7 billion tender offer to delist Électricité de France (EDF).

The French State, which already holds 84.1% of the EDF’s share capital, intends to acquire the remaining 15,9 % 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 €15.64 per convertible bond (assuming an opening of the offer on September 29, 2022).

The offer is intended to be filed by the beginning of September 2022, subject to the promulgation of a revised budget law allowing for the financing of the proposed offer.

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