Electricity de France is the largest electricity provider in France and will be taken over by the French government.
The power plant is located in France.
The plan for the government to hold 100% of the capital of the company will allow it to avoid answering to investors as profits dwindle.
The government made the decision due to the consequences of the war.
In the past, the French government held almost all of the company and other large French firms are now partially nationalized.
Following the announcement, investors expect the government to pay more for the outstanding stake in the company.
According to Forbes, EDF is the sixth largest publicly traded company in France and the 118th largest publicly traded company in the world. The company took an $8.5 billion loss due to the French government capping the prices it could charge. The European Union is feeling the effects of its partial ban on Russian energy. Russia is the largest supplier of energy products to the EU, accounting for over half of the bloc's crude oil and natural gas imports.
In the wake of invasion, Russian energy companies struggled. The company, which is controlled by the state and the country's largest public company, wouldn't pay dividends for the first time in 1998. On the day of the dividends announcement, the shares of the company fell 29.8%.
There are shares of Russia's largest public company.
The EU wants to stop using Russian gas.
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