EDF reform not on agenda for meeting with Macron: union leader

imageStock Markets4 minutes ago (Jul 06, 2021 10:46AM ET)

(C) Reuters. FILE PHOTO: The company logo for Electricite de France (EDF) is seen in Paris, France, March 2, 2021. REUTERS/Benoit Tessier

PARIS (Reuters) – A troubled plan to restructure French energy group EDF (PA:EDF) was not on the agenda of a meeting on Tuesday between trade unions and President Emmanuel Macron, one of the participants told reporters.

The reform, backed by Macron’s administration, has been fiercely opposed by trade unions, who have staged strikes and organised street protests to express their opposition.

Some key backers of the reform are now scaling back their efforts to push the changes through and the chances of them getting done before the presidential election in April next year have narrowed, five people familiar with the process told Reuters.

EDF shares were down 4.1 percent at 11.41 euros by 1222 GMT. Many investors are keen for the reform to go ahead, because its backers say it will allow the most profitable parts of EDF’s business to grow faster.

Thursday’s meeting at the Elysee Palace included unions, employer lobby groups, Macron, and his senior ministers. Asked if the EDF reform had been discussed, leader of the CFDT union Laurent Berger said: “No, it wasn’t on the agenda.”

EDF reform not on agenda for meeting with Macron: union leader

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.