to the average share price in the year before July 5, when it announced the plan to buy out the remaining 16% of shares it doesn’t currently own. This reflects the will to avoid holdouts and get new management in place quickly to take on the company’s challenges.
Those challenges include debt that will top 50 billion euros this year according to Refinitiv estimates, and a likely 28 billion euro hit to 2022 profit, due both to idle nuclear plants and the French government’s orders to cap energy prices. It makes sense for the state to take full control of the company and spare private investors the uncertainty of long-term massive investments with elusive returns. What’s not clear is whether the French government will now be able to avoid industrial debacles such as nuclear plants being delivered with multibillion-euro cost overruns and multi-year delays, which EDF has made a habit of in the last few years.
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Source: Reuters - 🏆 2. / 97 Read more »
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