The EDF Group launches an offer in cash and shares for EDF Energies Nouvelles
- Tender offer by EDF Group for the 50% of EDF Energies Nouvelles the Group does not hold as part of a simplified alternative public purchase offer: a cash offer at €40 per share(1) and an exchange offer of 13 EDF shares, dividend rights starting January 1 2011, for 11 EDF EN shares, ex dividend
- Mouratoglou Group, who holds a 25.1% equity stake in EDF Energies Nouvelles, has irrevocably undertaken to contribute all of his shares to the tender offer, with 50% in cash and 50% in shares
- Share buy-back program of EDF shares for an amount between €0.3bn and €1bn(2) enabling EDF to optimise liquidity and preventing shareholder dilution caused by the transaction
- Immediate positive impact on EDF’s net income Group share of more than 2% on a full year basis
By increasing its stake in EDF Energies Nouvelles, EDF Group has taken a new step in renewable energies.
After ten years of financial and strategic support as a 50% shareholder of EDF Energies Nouvelles, EDF Group has decided to launch a tender offer for all of the capital it does not hold in order to strengthen the positions of the Group in the renewable energy sector. Since the EDF Group acquired a stake in its capital in 2000 and since its listing in 2006, EDF Energies Nouvelles has undergone profound changes, becoming, in the space of few years, a major producer of renewable energies and a market leader in every major region in which it operates (e.g. North America and Western Europe). This fast and profitable growth is the result of the technical expertise and key partnerships that EDF Energies Nouvelles has developed in markets with strong growth potential. It is also the result of EDF Group suppo rt. The renewable energies market, which is expected to grow at an annual growth rate(3) of 6% in Europe and 9% in North America to 2030, is entering a new phase of its development that includes the emergence of major global players and the increase in the size and complexity of projects.
EDF Energies Nouvelles will be able to pursue its targeted growth strategy by capitalizing on the EDF Group R&D expertise, its know-how and sound financial base while preserving its own skills as developer, which are key to its success. The increase in its stake in EDF Energies Nouvelles will allow EDF Group to fully benefit from the future value creation of renewable energies. Today, EDF Group allocates nearly 40% of its development capex to renewable energies, including 80% through EDF Energies Nouvelles. The current renewable capex programme, which consists mainly of EDF Energies Nouvelles and hydro investments, will represent around €2.4bn(4) in 2013 for EDF Group.
(1) Ex dividend
(2) Depending on the relative success rate of the cash and share alternatives (between 0% and 100% on minority interests excl. Mouratoglou Group) and at 30-day volume-weighted average of EDF share price
(3) Source: 2010 World Energy Outlook
(4) Including €300 million in maintenance
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