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French Power EDF Ready to Take Over British Energy

After the nuclear power company Britishspeculation and prospect of an imminent
Energy announced that it was thinkingdeal excited the investors considerably.
about takeover approaches earlier thisBritish Energy's eight nuclear power
year, and then subsequently held talksstations are Dungeness B in Kent,
and meetings with EDF of France, E.ONHartlepool, Heysham 1 and 2 in
and RWE of Germany, and Iberdrola ofLancashire, Hinkley Point B in Somerset,
Spain. It is the French energy powerHunterston B in Ayrshire, Sizewell B in
house that has emerged as the onlySuffolk and Torness in East Lothian. The
formal bidder for the takeover and isgroup, which has around 6,000 staff,
now only days away from clinching thealso owns a coal-fired power station at
£12 billion deal.Eggborough, East Yorkshire.
EDF has been one of the leadingEDF executives now hope to be able to
contenders to buy British Energy sinceannounce a deal imminently. Centrica,
the British Government effectively putthe British power company, is also
the power company up for sale byinvolved in some negotiations with EDF,
announcing it wanted to sell its 35%they are seeking to secure a deal that
stake in the nuclear operator.would see it acquire 25% of British
According to the BBC, EDF is nowEnergy.
prepared to pay as much as 775p perThe decisive takeover price for British
share, after British Energy releasedEnergy is still under last-minute
that none of the potential deals tookdiscussions, but could go above the 750p
into account the soaring wholesaleshare mark, valuing it at between
electricity costs and the prospective£11bn and £12bn. That would
role of its sites and the allotted planssecure the Government as much as
that were in development in conjunction£4bn. However, the net cash has
to Britain's nuclear power supply.already been marked for the decommission
Shares in British Energy, which iscosts that are connected with
capable of producing around one-sixth ofdismantling nuclear power stations,
the UK's energy needs, rose to almost 6%nearing the end of their lives.
following the report as the renewed



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