France's LFI Coordinator Bompard Proposes Nationalizing TotalEnergies, Estimates Cost at €70 Billion
Manuel Bompard, coordinator of La France Insoumise, said on May 10 that nationalizing TotalEnergies is a "perfectly conceivable option" that would be "extremely profitable" for the state. He estimated the cost at €70 billion, far below the company's €174 billion market capitalization, citing €100 billion in dividends paid over the past decade. The proposal comes as TotalEnergies reported a record first-quarter profit of €4.96 billion amid high fuel prices.
Manuel Bompard, coordinator of La France Insoumise (LFI), proposed on May 10 that the French state nationalize TotalEnergies, estimating the cost at €70 billion — a figure he argued would be recouped within a decade through dividends alone.
Appearing on the program "Le Grand rendez-vous Europe 1/CNews/Les Echos," Bompard described nationalization as a "perfectly conceivable option" (option tout à fait envisageable) that would be "extremely profitable" (extrêmement rentable) for the state. He noted that the state would not need to buy 100% of the company's market capitalization, which stands at €174 billion, and put the required outlay at €70 billion.
"TotalEnergies, that's €100 billion over the past ten years in dividends distributed mainly to Anglo-Saxon shareholders," Bompard said, specifically naming U.S. investment fund BlackRock as a major shareholder. "If you buy a company and in less than 10 years it has already repaid the cost of the purchase, that's rather a good deal," he added, arguing the state should have "strategic control" of oil groups in the current geopolitical context.
The proposal comes amid high fuel prices linked to the Middle East war. TotalEnergies reported a record first-quarter 2026 net profit of €4.96 billion, up 51% year-on-year, reigniting debate over taxing war-related superprofits. The company has warned it could not maintain its fuel price cap if a windfall tax were introduced.