The French government is prepared to shell out €9.7 billion ($9.85 billion) to take ownership of French multinational electric utility company EDF, according to Reuters.
The nationalization of EDF is expected to increase the security of its energy reserves amid the conflict in Ukraine, which has tightened the gas supply coming from Russia. The French government, which already owns 84 percent of EDF, would offer EDF's minority shareholders €12 ($12.2) per share for the remaining 16 percent of shares, a 53 percent premium to the closing price on July 5.
The buyout offer is expected to be filed with the stock exchange regulator by early September.