The palace proposes; investors hold their noses. That is the usual French way. Oddly, since Veolia Environnement chief Henri Proglio was first considered to head EDF, both utilities’ shares have outperformed their French peers. Even so, there is little for investors to like about the way Paris has orchestrated the move.

First is Mr Proglio’s own apparent opposition, reportedly due to an emotional attachment to Veolia, although a €1m-plus annual pay cut may also be important. Second is the condition Mr Proglio has demanded for the move – safeguarding Veolia from takeover. One way to do this would be for EDF to buy Veolia first. Yet EDF has neither the €13bn of cash it would need to buy Veolia, nor can it issue sufficient shares without diluting the government below its legally required 70 per cent.