Double voting rights to suit French energy sector plans

The French government is set to use the recently enacted Florange law in order to boost its finances without losing overall control of key energy sector assets.
GDF Suez building
The Florange law gives shares registered for more than two years double voting rights unless two-thirds of investors vote against.

The law will allow state-controlled French companies raise money while the government continues to maintain influence.

The FT reports that in the case of GDF Suez the government could sell some of its 33.3 per cent stake while maintaining the third voting stake it must have by law. A 10 per cent sale would raise about €5bn at current prices for a government under pressure from Brussels to reduce its deficit.

Last October the government announced plans to sell holdings worth €5bn to €10bn over 18 months. Ministers said the energy sector would be one of the first in line.

The government owns an 85 per cent stake in EDF, which is set to move to double voting from 2016.


Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...