French state and EDF to kick off search for new boss

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French state and EDF to kick off search for new boss

PARIS Reuters-EDF and the French state will kick off the process of finding a new boss for the utility a day after the government announced its plan to fully renationalise the company, the French power company said on Thursday.

The French economy ministry, which manages the state's 84% stake in EDF, said the state and Jean-Bernard Levy have agreed to launch the succession process from now.

The decision was confirmed by the EDF, adding that Levy, whose term officially ends in 2023, was prepared to step down once a successor had been found.

France's prime minister announced plans to fully nationalise the EDF in a move that would give the government more control over restructuring the debt-laden group while dealing with a European energy crisis.

The move to acquire the approximately 15% of EDF shares now traded on the market was too early to put a price tag on it, according to French budget minister Gabriel Attal.

Attal told France 2 television that this will depend on the company's shares.

The government does not own shares at the current prices, which would cost about 5 billion euros $5.09 billion.