The French National Assembly has approved plans to reduce the share of the State in the French energy group Engie below the 33% threshold. The State could then sell its stake in the group (part of it or its entire interest)
The current law obliges the State to hold at least one third of the voting rights of Engie's capital, with a possible derogation for a period limited to two years. Engie is already benefiting from this 2-year derogation: as of August 2018, the French state held 23.64% of Engie's capital and 34.79% of the voting rights in Engie through the French Agence des participations de l'État (APE), which is responsible for managing public assets. Thanks to the dual voting system introduced by the Florange law of 2014, the State can continue to own one third of the voting rights even when holding less than one third of the capital. This share is held as a golden share to safeguard France's energy security.
The government estimates that Engie must be able to develop, without requiring the State to bring in public funds to keep 33% of the shares if a new investor invests in the group.
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