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EDF board backs acquisition of British Energy: source
Paris (AFP) July 31, 2008 State electricity company Electricite de France could make an official announcement Friday of a bid to acquire nuclear power operator British Energy after the French group's directors backed the move. EDF, the world's largest nuclear power suppliers and already Europe's number one electricity producer, has invited journalists and analysts to a press conference Friday morning after the release of its first half results. The company traditionally does not hold press conferences after publishing results. The EDF executive board on Thursday "put forward an offer to buy British Energy," a source close to the matter said. The executive board at British Energy has reportedly accepted the bid, which would be carried out either in a cash-only deal worth 765 pence per share or in a cash option worth 700 pence a share plus shares, according to the Dow Jones financial news agency. The offer is aimed at the 35.2 percent stake in British Energy held by the British government. The two options would value British Energy at around 15.5 billion euros (12.2 billion pounds, 24 billion dollars), according to calculations by AFP. British Energy provides almost one fifth of Britain's electricity and owns and operates eight nuclear power stations. Last month, British Energy said that a series of takeover proposals received from unnamed parties had undervalued the company. The British government, meanwhile, wants to see a renewal of its nuclear-power generating capacity and the assets owned by British Energy are seen as a springboard for any such effort. An EDF-British Energy tie-up, which could also include the participation of British gas group Centrica, would strengthen EDF's presence in Europe, where it now wants to focus its operations after withdrawing from Brazil and Argentina in 2007. EDF is already active in Britain through its subsidiary EDF Energy, as well as in Germany and Italy. It currently has 126.7 gigawatts of installed power throughout the world, of which 124.5 are in Europe. The company is 84.8 percent controlled by the state, 13.3 percent by institutional and other investors and 1.9 percent by its employees. With a market capitalisation of 101.7 billion euros, it is the second largest French company after oil giant Total. The group had a net profit of 5.5 billion euros in 2007 from sales of 59.6 billion euros. EDF has 38 million customers worldwide, of whom 28 million are in France, where it operates 58 nuclear reactors spread over 19 different sites, according to its website. Community Email This Article Comment On This Article Share This Article With Planet Earth
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Fire at Finnish nuclear reactor construction site: company
Helsinki (AFP) July 30, 2008A small fire broke out early Wednesday at a nuclear reactor under construction in Finland but was extinguished within a few hours and there was no danger to the public, Finnish power group Teollisuuden Voima (TVO) said. |
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