Engie and the Belgian State postpone nuclear agreement to 12 December, price divides
The postponement, of one month at most, concerns the stage that is to set out the main lines of the group's potential takeover of its nuclear activities by the Belgian State. The parties themselves acknowledge that significant differences remain, particularly over the price of the transaction.
Target date pushed back to 12 December 2026 for the Heads of Terms
The Belgian State, Engie S.A. and Electrabel NV/SA have agreed to postpone to 12 December 2026 the target date set for concluding the Heads of Terms. This document, which is meant to formalise the main terms of the transaction, was provided for in the letter of intent dated 29 April 2026.
The transaction concerned is the potential acquisition of the nuclear activities by the Belgian State. The matter therefore remains at the discussion stage: no sale has been agreed, and the letter of intent of 29 April 2026 forms the framework for the negotiations.
The signatories justify this postponement by the current circumstances, as well as by the complexity and scale of the envisaged transaction. They state that they are granting themselves an additional period to continue their discussions, and specify that this period is limited to one month at most.
This ceiling gives the timetable a tight character.
The postponement does not push back the deadline in an open-ended way: it sets 12 December 2026 as a new target date for concluding the Heads of Terms.
Progress claimed, but a persistent gap on valuation
According to the press release, the in-depth discussions held in recent months between Engie and the Belgian State have enabled progress and a strengthened mutual understanding of the issues. The parties thus present the exchanges so far as constructive in substance.
The text does, however, mention significant differences that remain, particularly over the valuation of the transaction. This is the most concrete point of the press release: the gap relates first and foremost to the price at which the nuclear activities could change hands.
The parties say they want to take the time needed to try to bring their positions closer together. The wording chosen, "try to bring closer together", leaves the outcome open: the additional period is presented as a negotiation phase, with no guarantee of reaching agreement by the new target date.
An announcement on the eve of the group's accounts
The press release was published on 4 November 2026, on the eve of an accounting event for Engie. The same day, the share price had moved above its resistance level of €23.64 in a well-oriented Paris market, extending a rebound that had begun the previous week.
This movement followed a long decline: on 19 October 2026, the stock showed a fall of 4.5% over one month and was trading below all of its moving averages.
