EDF shares bought without permission

22 December 2005 - A number of complaints have been made to France's market watchdog against banks involved in the flotation of EDF last month, accusing them of buying EDF shares on their behalf without authorization and failing to compensate them for the resulting loses.

Dozens of complaints have been received by the AMF from individual customers as well as consumer groups and individual banks. Many customers discovered that their accounts had been debited to buy EDF shares and the AMF said it is taking the matter seriously.

Two banks which acted as advisers to the French government over the sale, Credit Lyonnais and Société Générale, confirmed Tuesday that they had received a handful of complaints and said that clients would be reimbursed immediately.

EDF shares came to market on 21 November when 213 per cent of the stock was sold in a hastily arranged flotation, organized that way to head of public and union protests.

The share sale was criticised by analysts as being too expensive but it attracted a record 4.8m private buyers becoming the world's biggest share sale for five years. The share price fell on the first day of trading and investors unwilling to hold the stock were left with a loss on their investment.

Sponsored by FLSmidth

Related Articles

WIPP may reopen in early 2016, DOE report says

The U.S. Department of Energy (DOE) released its plan of recovery at the Waste Isolation Pilot Plant in New Mexico and said it planned to reopen the plant by 2016.

PSEG Fossil advances Sewaren repowering project at PJM

PSEG Fossil LLC has proposed a natural gas-fired generating facility located in Woodbridge Township, New Jersey, with a total capability of 625 MW with 625 MW of this output being recognized by PJM Interconnection as capacity.

Follow Power Engineering on Twitter
Latest News
Alabama Public Service Commission OKs construction of renewable energy generation projects

Alabama regulators OK construction of renewable energy generation projects

In a 3-0 vote, the Alabama Public Service Commission approved a proposal from Alabama Power t...
NRC to increase oversight of Pilgrim nuclear power plant

NRC to increase oversight of Pilgrim nuclear power plant

The U.S. Nuclear Regulatory Commission (NRC) will increase its oversight of the 670-MW Pilgri...
Kettleman utility-scale solar project providing electricity to Silicon Valley city of Palo Alto

Kettleman utility-scale solar project powering city of Palo Alto

The Kettleman Solar Power Project in Kings County was built on about 264 acres of land on Hig...
Areva delivers reactor vessel head to Belgium nuclear power plant

Areva delivers reactor vessel head to Belgium nuclear power plant

Areva delivered a nuclear reactor vessel head to Electrabel for Unit 4 at the Doel nuclear po...
EPSA files brief with Supreme court on FERC demand response case

EPSA files brief with Supreme Court on FERC demand response case

The Electric Power Supply Association (EPSA) and a number of other parties filed a legal brie...
Southern Power, First Solar co-own California solar PV project

Southern Power, First Solar co-own California solar PV project

Southern Co. (NYSE: SO) unit, Southern Power, acquired a controlling stake in a 300-MW solar ...
EPA to opponents: Wait for the absolutely final Clean Power Plan, then attack

EPA to opponents: Wait for the absolutely final Clean Power Plan, then attack

Responding to an Aug. 13 notice of appeal from several states, including coal-reliant West Vi...
Global nuclear plant life extensions to decrease sixfold by 2025

Global nuclear plant life extensions to decrease sixfold by 2025

The capacity of nuclear power plants starting plant life extension (PLEX) programs will decre...

Power Engineering Current Issue

12/01/2014
Volume 118, Issue 12
1412pe-cover1
Products Showcase
Areva delivers reactor vessel head to Belgium nuclear power plant

Areva delivers reactor vessel head to Belgium nuclear power plant

Areva delivered a nuclear reactor vessel head to Electrabel for Unit 4 at the Doel nuclear power plant in Belgium.

GE announces launch of latest aeroderivative gas turbine, LM6000-PF+

GE announces launch of latest aeroderivative gas turbine, LM6000-PF+

GE is launching its latest aeroderivative gas turbine, the LM6000-PF+, which employs technologies from four GE businesses, bringing power online faster and more efficiently than ever before.

Dynamic Fluoride Ion cleaning DFIC of industrial natural gas turbines Hi-Tech Furnace Systems

Dynamic Fluoride Ion Cleaning of IGT Parts

The Dynamic Fluoride Ion Cleaning (DFIC) Process from Hi-Tech Furnace Systems is able to clean deep, narrow cracks of oxides by cycling between negative, atmospheric, and positive pressure.

Archived Articles

2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013

Buyers Guide Categories

Power Industry Wire News

Ideal Power to Present at Upcoming Craig-Hallum Investor Conference

Ideal Power to Present at Upcoming Craig-Hallum Investor Conference

SL Power Introduces High Efficiency Internal and External AC/DC Power Supplies for Test & Measurement, Industrial and ITE Devices

SL Power Introduces High Efficiency Internal and External AC/DC Power Supplies for Test...

Clean Coal Technologies, Inc. Signs Binding Term Sheet to License Technology in Wyoming and Form a Joint Venture

Clean Coal Technologies, Inc. Signs Binding Term Sheet to License Technology in Wyoming...

America Resources Exploration Acquires Producing Oil Field in Texas

America Resources Exploration Acquires Producing Oil Field in Texas

North Dakota's Shale-Related Pipelines Lead 10 Highest-Value Projects in U.S. Midwest to Kick Off in Fourth Quarter, an Industrial Info News Alert

North Dakota's Shale-Related Pipelines Lead 10 Highest-Value Projects in U.S. Midwest t...

Power Engineering

Article Archives for Power Engineering Magazine

Continuing Education

Professional Development Hours

To access a course listing associated to a specific topic listed below, click on the topic of choice from the list below.

Latest Energy Jobs

View more Job Listings >>