(Provides particulars, background)
PARIS, Jan 25 (Reuters) – The European Fee didn’t request additional time for talks on a deliberate restructuring of French state-controlled vitality agency EDF, a supply within the French finance ministry mentioned on Monday.
French broadcaster BFM Enterprise reported on Monday that the European Fee needed an additional six months of talks as a result of it couldn’t give a inexperienced gentle to the restructuring plan because it stands now.
EDF shares fell over 18% on the report however trimmed the losses to be down round 14% at 1503 GMT on Monday after the finance ministry supply’s feedback.
“This negotiation is underway and in any case no extra time to finalise it has been requested,” the supply mentioned, including that the continuing talks between Paris and Brussels had been in-depth and maintained frequently.
The restructuring plan, backed by French President Emmanuel Macron, would contain separating out EDF’s capital-intensive nuclear energy division from different components of its enterprise.
The European Fee has a say on the reform as a result of the plan requires a inexperienced gentle from it because the European Union’s anti-trust regulator.
French commerce unions have requested President Emmanuel Macron to drop the undertaking, fearing it may threaten job safety and result in the group being dismantled.
The French state, which holds a stake of round 83.7% in EDF’s share capital, desires to make sure that the group has ample monetary sources for its nuclear enterprise and for creating renewable vitality sources.
The BFM Enterprise report denied by the finance ministry mentioned a choice on the restructuring could not come till 2023.
A supply at EDF and a union supply mentioned nothing had been introduced internally. One supply mentioned a postponement of the reform and reorganisation to 2023 can be “worrying” for the group’s funds however it may in all probability maintain out till then if the French state continued to obtain its dividends in shares. (Reporting by Leigh Thomas; Extra reporting by Benjamin Mallet; Writing by Christian Lowe; modifying by David Evans)