Electricity and Water of Madagascar: appointment of an independent expert for the Le Clézio Industrie offer

On July 17, 2025, the Board of Directors of Electricité et Eaux de Madagascar (EEM) acknowledged the filing by SAS Le Clézio Industrie of a proposed public takeover bid. The proposed price of €1.50 per share is lower than the book value of €1.80 and represents a significant discount compared to the previous market price. The Board also expressed reservations about the calculation of EEM's revalued net assets.

In response to these concerns, the Board appointed Ledouble to assess the fairness of the offer's financial terms. At the same time, Société Anonyme Immobilière Parisienne de la Perle et des Pierres Précieuses, a majority-owned company of EEM, will also comment on the offer.