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EDF to make improved bid for British Energy

Latest update : 2008-09-23

After a failed attempt in July, French energy giant EDF is set to offer 15.6 billion euros for British Energy, according to the Wall Street Journal. A deal would pave the way for construction of a new generation of nuclear plants in the UK.

French electricity group EDF on Wednesday is to put forward a new 15.6-billion-euro (23-billion-dollar) offer for British Energy, the Wall Street Journal reported Tuesday in its online edition.
Electricite de France, Europe's leading energy producer, made an offer worth 15.5 billion euros for British Energy, the operator of British power stations, in late July.
But that proposal, worth 12.2 billion pounds, was rejected as too low by two of British Energy's shareholders, the investment funds Invesco and M and G.
The Wall Street Journal said EDF was now ready to offer 774 pence per share, nine pence more than in July, or a total of 12.4 billion pounds.
A source close to the matter told AFP earlier Tuesday that the EDF board "would consider an offer" to acquire British Energy.
The EDF board met Tuesday and the company was to hold a press conference at 0645 GMT in Paris on Wednesday, the source added.
EDF chairman Pierre Gadonneix has said his group would not buy British Energy "at any price."
The British government, which is seeking to sell its 35.2 percent stake in British Energy, wants to see a renewal of its nuclear-power generating capacity and the group's assets are seen as a springboard for any such effort.
Under takeover rules, any bid for the government stake would trigger an offer for the rest of the group.

Date created : 2008-09-23