EDF employee shareholders poised to sue France over nationalisation plan – statement

PARIS (Reuters) – An association of EDF employee shareholders announced on Sunday their plan to sue the French state regarding its nationalisation of the power giant.

“Today the state needs to explain itself for the management as ultra-majority stakeholder of the company,” the association “Energie en actions” said in a statement.

The association holds that the government’s decision goes against the interest of the company and the minority shareholders, the statement added.

The French government, which already has 84% of EDF, announced earlier this month it would nationalise the company, which would give it more control over a revamp of the debt-laden group while contending with a European energy crisis.

The government will announce details of its plan to fully nationalise the EDF, which runs the nation’s nuclear power plants, by July 19.

(Reporting by Layli Foroudi; Editing by Daniel Wallis)