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EDF Shares Plunge After Partial Sale of High-Voltage Power Unit

EDF (ECIFY) shares plunged on Thursday after a French application association concluded to sell half of a interest in a high-voltage appetite grid unit, RTE, following supervision ask progressing in a year and lowered a gain aim for 2017.

Shares forsaken 12.4% to €9.82 in Paris during 08:45 GMT. EDF batch is down some-more than 26% given a start of a year. 

Late on Wednesday, EDF set a 2017 EBITDA aim of €13.7 billion ($14.4 billion) to €14.3 billion, down from a 2016 aim of between €16 billion and €16.3 billion.

The Paris-based electricity association announced on Wednesday that a house had concluded to sell 49.9% of a interest in RTE to French financial establishment Caisse des Depots and CNP Assurances. The transaction valued 100% of RTE during €8.2 billion ($8.6 billion). Following a deal, a 3 parties will form a corner try in that EDF will reason 50.1% in RTE and a open financial establishment and a insurer 49.9%.

«This transaction will yield RTE with a new governance in sequence to support over a long-term RTE’s investment plan to optimize a electricity delivery infrastructure and yield a boost to a appetite transition,» EDF said. «This transaction will also capacitate RTE to keep a stream regulatory standing as eccentric delivery complement user in suitability with a germane regulation.»

The agreement follows a ask done in Apr by a Minister of Finance and Public Accounts and a Minister of Economy, Industry and Digital for EDF and RTE to exercise a collateral opening scheme.

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