Centrica, EDF Reach Agreement Over British Energy Takeover
Posted on: Tuesday, 24 June 2008, 12:03 CDT
UK-based energy group Centrica and French energy giant EDF have reached an agreement over the possible takeover of British Energy, to allay the British government's fears of a single prospective owner, according to The Guardian.
The news source reported that, pursuant to the agreement, Centrica could pick up a minority stake in British Energy (BE), if EDF successfully acquires the nuclear power generator.
Industry sources have said that that the two companies are still considering their options. Centrica could reportedly strike a long-term agreement with EDF to buy future output from BE or partner the French energy giant to build new nuclear plants.
The Guardian noted that BE and EDF are still trying to determine the value of the nuclear generator's business, complicated in part by the rise in wholesale electricity prices driven by higher global crude oil prices. EDF has reportedly offered more than GBP0.68 per BE share, valuing it close to GBP11 billion.
Source: Datamonitor
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