French state-controlled energy group Electricite de France SA (EDF.FR) Tuesday said it has taken the necessary steps with the U.S. stock market regulator to be able to sell its stake in its partner Constellation Energy Group Inc. (CEG) when it wishes to.

"EDF confirms it has followed the U.S. stock market's regulatory process to be able to sell all or part of its stake in Constellation Energy, at market conditions and when it wishes to, which it couldn't do following the previous December 2008 agreements," EDF said in a statement.

The Securities and Exchange Commission overnight released a Constellation filing saying EDF will sell its 14.6 million remaining shares through several transactions, including sales on the market, at a market or negotiated price.

In October EDF and Constellation agreed to end a joint venture to develop nuclear power plants together after the relationship soured.

Under the terms of the agreement, EDF said it would transfer 3.85 million Constellation shares to the U.S. company and relinquish its seat on the Constellation board, cutting its stake to 6.7% from 8.4%. The agreement also freed EDF from the binding clause forbidding it to sell its remaining stake.

"No decision to sell the Constellation stake has been taken yet," an EDF spokeswoman told Dow Jones Newswires.

-By Marion Issard and Angeline Benoit, Dow Jones Newswires; +33 (0)1 40 17 17 40; marion.issard@dowjones.com
Constellation Energy (NYSE:CEG)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Constellation Energy Charts.
Constellation Energy (NYSE:CEG)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Constellation Energy Charts.