PARIS - New French President Francois Hollande will officially take power in May 15 after ousting incumbent conservative Nicolas Sarkozy with tight margin, local media said Monday.

Citing Elysee source, the local broadcaster Europe 1 reported the date of power transfer was decided by General Secretary of the Presidency of the Republic Xavier Musca and Hollande's campaign manager, Pierre Moscovici.

Hollande won 51.62 percent of the vote beating President Sarkozy who collected 48.38 percent on Sunday's presidential run-off which gave France its first socialist head of state after Francois Mitterand quit power in 1995.