The European parliamentary election is the second largest democratic exercise in the world.Europe Newsread more
Buybacks have gotten a bad rap from both Republicans and Democrats. But stocks would be trading at a massive discount without them.Marketsread more
Fiat Chrysler and France's Renault could soon partner up to take on the sweeping changes to the global auto industry, according to a report in the Financial Times. The...Autosread more
Microsoft shares have gained 133% since November 2015, outperforming a tech "basket of unicorns" over that stretch.Technologyread more
The president's state visit comes amid tensions with carmaker Toyota over potential auto tariffs. Trump has repeatedly threatened Japanese and European carmakers with tariffs.Traderead more
When commercial real estate investor Manny Khoshbin spent $2.2 million on the fastest production car in the world, he had no idea it would very quickly also become the...Autosread more
The IRS is about to release a new draft of Form W-4, which will more closely reflect the changes stemming from the Tax Cuts and Jobs Act. For workers, that means they'll need...Personal Financeread more
The Mega Millions jackpot has spilled over $400 million. It would be the ninth largest winning since the game began in 2002.Personal Financeread more
Trump was speaking at a meeting of Japanese business leaders in Tokyo during his state visit to Japan on Saturday.Marketsread more
The biggest U.S. gasoline price surge in years is running out of steam just in time for the start of the summer driving season.Energyread more
The federal minimum wage has remained $7.25 per hour since 2009. But several states, and even some companies, have since taken matters into their own hands to pay employees a...Workread more
* New holding company may not be 100 pct state-owned
* Enedis capital could be opened to private investors
* Shares up as much as 4.3 pct in opening trade (Recasts, adds analyst comment, share price, detail)
PARIS, April 15 (Reuters) - EDF shares rose as much as 4.3 percent on Monday on hopes that a partial re-nationalization of the French utility will unlock value and ring-fence EDF's capital-intensive nuclear activities from its renewables and grids.
The strategy committee of EDF's board will review a restructuring plan for the 83.7 percent state-owned group on May 28, French daily Le Parisien reported, adding that this would be followed by presentations to a group of 200 top managers on June 7 and to union representatives on June 20.
A source familiar with the situation confirmed these dates.
EDF declined to comment.
The French government has for some time been looking at how to restructure EDF to isolate its volatile nuclear business from the pressures of a stock market listing and provide a boost to the rest of the company.
It wants to return EDF's nuclear operations to the public sector but does not necessarily want to buy out minority shareholders in EDF's other business activities.
EDF operates 58 nuclear reactors which produce about 75 percent of France's electricity. But the company has been hit by safety outages at dozens of its nuclear plants and has faced billions of euros of cost overruns on a nuclear construction project.
The company also requires massive investment of some 55 billion of euros to upgrade its aging nuclear plants.
The paper said the plan - codenamed Project Hercules - would be likely to involve the creation of a new holding company owning EDF's nuclear activities and wholesale power sales, and possibly also its hydropower plants.
This would allow EDF to ring-fence the financial risks associated with nuclear energy from financial markets.
The French government said in November it would consider increasing the state's stake in EDF and possibly create a new parent company with subsidiaries.
It was not immediately clear whether EDF's reactor building business Framatome, formerly called Areva, and its nuclear reactors in Britain would also be held in a separate nuclear division.
The paper said the new parent company may not be wholly state-owned, because of the high cost of renationalising it.
EDF has a market value of 41 billion euros ($46 billion), but trades on a price/book ratio of just 0.82, making it the most undervalued share in the Stoxx European Utilities index by that measure.
The paper quoted an unnamed source as saying that the state would hesitate to buy out minority shareholders, as it would cost "a fortune," or about 6 to 8 billion euros for 15 percent.
Jefferies wrote in a note that this estimate implied a 12.5-16.6 euro per share buyout price and that the midpoint of this range implied a 20 percent premium to the current share price.
UBS analyst Sam Arie said he expects that a restructuring of EDF will create two balance sheets, with potentially an IPO of a 'NewCo' similar to the IPO of innogy from within Germany's RWE.
"If there is a renationalisation of EDF Group, including the nuclear fleet, we expect that would come at a premium for EDFs minorities," he said.
The paper said the new parent company would also hold a majority stake in a second holding company which would own some other EDF subsidiaries such as retail power sales, grid units RTE and Enedis. Enedis may partially open its capital to private investors, it said.
EDF chief executive Jean-Bernard Levy said in February the government had asked him to make restructuring proposals by the end of 2019.
Le Parisien said financial institutions including Société Générale, JP Morgan, UBS, Oddo and Natixis were working on several restructuring scenarios, ($1 = 0.8843 euros) (Reporting by Geert De Clercq; editing by Richard Lough and Jane Merriman)