SCHEDULE: Amundi Discloses Major Stake in TotalEnergies

Amundi and Amundi Asset Management have filed a Schedule 13G, reporting a beneficial ownership of 8.79% in TotalEnergies SE, totaling 200,479,121 shares.

Summary

• Amundi and Amundi Asset Management have filed an amended Schedule 13G, reporting their beneficial ownership of TotalEnergies SE common stock.
• The total number of shares beneficially owned is 200,479,121, representing 8.79% of the class of securities.
• Amundi has shared voting power over 52,869,112 shares and shared dispositive power over 147,610,009 shares.
• The filing clarifies that Amundi does not hold voting rights for 141,036,858 shares held through FCPEs (employee savings plans), where employee representatives exercise voting rights.
• The filing is an amendment (Amendment No. 25) and the event date requiring the filing is September 30, 2026.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this filing as neutral to slightly positive, reflecting a significant but passive ownership stake without immediate implications for control.

Positives

• Amundi's significant ownership stake (8.79%) indicates strong confidence in TotalEnergies' long-term value.
• The clarification regarding FCPEs demonstrates a commitment to employee shareholding plans.

Negatives

• Amundi has no sole voting power or sole dispositive power over the reported shares, indicating a passive investment approach.
• The large number of shares held through FCPEs, where Amundi does not exercise voting rights, limits its direct influence on corporate decisions.

Risks

• While Amundi's stake is substantial, the lack of sole voting power means it cannot unilaterally influence corporate control or strategic direction.
• Changes in the management or strategic direction of TotalEnergies could impact the value of Amundi's investment.

Future Outlook

This filing is primarily a disclosure of ownership and does not contain forward-looking statements or specific future guidance from TotalEnergies SE. Amundi's future outlook is tied to the performance of TotalEnergies.

Management Comments

• Amundi does not have the voting rights on 141,036,858 shares which are held through FCPEs (Fonds Commun de Placement d' Entreprise, an investment vehicle established under French law), solely dedicated to TotalEnergies groups employees shareholding and savings.
• Employees of TotalEnergies are granted the right to participate in stock purchase plans in which the shares acquired are exclusively held in these FCPEs or to make contributions to a diversified FCPE including TotalEnergies shares among other assets, created at the request of TotalEnergies.
• The voting rights associated to these shares are exercised by the supervisory Board of these FCPEs, where representatives of the employees have the majority (if any the remaining seats of the supervisory board are designated by TotalEnergies), and not by Amundi.

Industry Context

StockSavvy.ai notes that large institutional investors like Amundi often hold significant stakes in major energy companies like TotalEnergies. This filing reflects a passive investment strategy common among asset managers, focusing on capital appreciation rather than active control.

Stakeholder Impact

• Shareholders: The filing confirms a significant institutional holding, which can be seen as a sign of stability or confidence in the company's prospects.
• Employees: The mention of FCPEs highlights the company's commitment to employee share ownership plans.

Next Steps

• Amundi will continue to monitor its investment in TotalEnergies SE.
• TotalEnergies SE will continue its operations and strategic initiatives.

Key Dates

Keywords

TotalEnergies SE, Amundi, Amundi Asset Management, Schedule 13G, Beneficial Ownership, Common Stock, Investment Management, Employee Shareholding