Veronica Roberts

Paris, France 5.6.12]--Nicolas Sarkozy has reportedly conceded to rival Francois Hollande during France's presidential run-off.

According to a CNN report, the French President admitted defeat on Sunday evening, with more than two-thirds of the vote counted. The current official tally showed Hollande ahead with 50.8 percent to Sarkozy's 49.2%.

Exit polls however, put Hollande at 51.2 percent of the votes, France 2 television reportedly stated.

Th Conservative Sarkozy reportedly took full responsibility for the defeat during his concession speech at his campaign headquarters,where his supporters were decidedly disappointed, saying he was "ready to become a French citizen amongst French people and more than ever I have the love for my country deeply ingrained in my heart."

The mood was understandably much different over at Hollande's campaign headquarters. The victor, who is center-left, celebrated his win amongst the happy chants and screams of his supporters, saying that "many people were waiting for this moment for many long years--others younger have never known such a time." Adding that he was" proud to be capable to bring about hope again.."

The 57 year old Hollande will be the first left-wing president in 17 years. The last was Francois Mitterand in 1995. France's high 10 percent unemployment, worsening economy, the immigration debate and the French people's discontent helped push Sarkozy out. He however, felt he did all he could do and blames the over-all bad economy of Europe for his country's sluggish progress.

Immigration also played a key role in this election and though his country needed to be humane Sarkozy felt France allowed more immigrants in than they could handle adequately. He said as much during his concession speech to member so his UMP Party. "I've always said that France need to remain an open and profoundly humanistic country but there is a reality that we have welcomed more people in France than we can manage."

Critics say Sarkozy's "glitzy livestyle and brash manner" during a time of austerity also turned many voters off and in the end Hollande emerged the victor among the 5 candidates who vied for the presidency and the one-term incumbent who fought to keep it.

Read more of the DEVELOPING STORY at CNN