EDF Approves Share Sale Before Board Decision on Hinkley Point
- Sale of $4.4 billion of stock to help EDF ride slump in prices
- Board votes July 28 on U.K. nuclear project as unions object
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Electricite de France SA approved plans for a 4 billion-euro ($4.4 billion) share sale, two days before its board meets to make a final investment decision on its controversial British nuclear-power plant project.
“The share sale will improve the financial strength of the company and allow it to renew its debt under good conditions,” EDF Chief Executive Officer Jean-Bernard Levy said Tuesday at a shareholder meeting in Paris. “Provided the board allows the company to go for the final investment decision,” we will sign with the new U.K. government, he said, without giving a time-frame.