France’s EDF is selling its quarter-stake in fellow utility Alpiq for $489 million. That helps existing Swiss investors take the group private. But it also fits with a wider trend where European states are happier with vital infrastructure being held by domestic owners.
The French gas and power group is decluttering its complex structure by exiting 20 markets. Engie’s state ownership and Belgian nuclear albatross act as a brake on activism, but won’t always save it if its undervaluation lingers. Still, steps to close the gap with big wind and solar peers suggest a capacity for self-help.