Come under circumstances at EDF, taking advantage of the disgrace of his predecessor, François Roussely, the Prime Minister, Jean-Pierre Raffarin, Pierre Gadonneix prepares to leave his post five years later on a rather balanced budget.
When he gave up the Presidency of gas France (SFM), in November 2004, for the public electrician, the latter is badly: EDF is so indebted that some fear syndrome France Telecom. Internally, the struggles of clans among the faithful of François Roussely and their enemies turn to the settlement of accounts. The first mission of Pierre Gadonneix was pacify the company, with success, and put order in the foreign interests, by quickly announcing a program of transfer of assets of 5 billion euros to reduce debt. The goal is to opt for South America and to find an agreement with Edison in Italy. It will achieve.
Successful IPO
At the same time, he hitches the introduction on the stock exchange of the French nuclear giant. Despite the pitfalls, the former student of Polytechnique and Harvard succeeds in this extremely sensitive step without creating social storm. On 21 November, exactly one year after his enthronement, the action EDF has traded for the first time freely on the market, to 32 euros. It is now more than worth 39 euros. Other internal revolutions in the calm, the progressive abandonment of monopoly and the pension reform. Few groups experienced as much upheaval in as little time. To strikes this year in the subsidiary distribution ERDF and in nuclear power plants, which are unquestionably to the list of failures of Pierre Gadonneix, the pattern was managed to maintain a calm social climate.
An international, if the former senior official first reduces the wing, it departed the assault warrant workplace. The Group was threatened to be isolated to the large manoeuvres at work in the sector in Europe. In France, SFM married Suez. In Spain, EDF is Iberdrola pass under the nose. Idem in Belgium with EPS. Pierre Gadonneix then decided to launch two flagship operations. Given almost died in July 2008, the high price of British Energy acquisition eventually lead two months later. And, in the United States, EDF manages to save his partner Constellation Energy from the claws of Billionaire Warren Buffett, even if the creation of a joint subsidiary of existing nuclear power plants remains suspended downstream from local authorities.
This drum beating out borders, expansion is not unanimity internally, led EDF to reconnect with very high levels of debt. Between late 2004 and June 2009, the debt rose from 19.7 billion to EUR 36.8 billion. What prompted management to initiate a transfer of assets of 5 billion program. So far, the group debt ratio remains one of the best in the sector. On the industrial plan, Pierre Gadonneix will have not met the objectives of productivity it was set in the introduction on the stock exchange. Despite great efforts of organization, French nuclear Park remains one of the less available in the world.
Last element to the liabilities of the pattern, in addition to the controversy it created last summer on the tariffs, the role of the EDF in the Greenpeace espionage scandal. Many elements, with rumours on his estate, contributing a few months to an atmosphere of end of reign avenue Wagram.
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