Update on the simplified tender offer and squeeze-out

The simplified tender offer filed by the French State for the equity securities of EDF (the "Offer") was cleared by the French Financial Markets Authority (the “AMF”) on 22 November 2022. The Offer price is €12 per EDF share and €15.52 per EDF Océanes. The Offer was open from 24 November 2022 to 3 February 2023 included, subject to its reopening in accordance with the undertakings of the French State described in EDF’s press release published on 8 February 2023.

On 2 May 2023, the Paris Court of Appeal dismissed the claim seeking the annulment of the clearance decision on the Offer.

As a consequence, the AMF indicated in a notice published on 2 May 2023 that the Offer will be reopened from 4 May 2023 to 17 May 2023 included, in accordance with the undertakings taken by the French State.

Following the re-opened Offer, the French State submitted a request to implement the squeeze-out procedure, as described in the Offer document, since the legal and regulatory conditions are met.

The EDF shares and OCEANES not tendered to the Offer and not held by the French State were subject to this squeeze-out procedure which took place on 8 June 2023, as indicated by the AMF in its notice released on 26 May 2023, in return for a compensation equal to the Offer price, i.e. €12.00 per EDF share and €15.52 per OCEANE. The French State now holds all of EDF’s share capital and voting rights.

As a result, former EDF shareholders will not be entitled to participate in the 2023 Annual General Meeting.

The squeeze-out: what you need to know

EDF shareholder, if you have not tendered your shares to the Offer, the implementation of the squeeze-out procedure on 8 June 2023 will cause your shares to be automatically transferred to the French State, in return for a compensation equal the Offer price, i.e. €12.00 per EDF share.

The squeeze-out procedure also concerned the apply to OCEANEs.

The implementation of this squeeze-out procedure led to the delisting of the EDF shares from the regulated market of Euronext Paris and the delisting of the OCEANEs from Euronext Access.

Questions / Answers

You can refer to the Questions and Answers below for further information about the Offer.

Download the Questions / Answers document on the 2022 Tender offer.

Download the document