EDF Takeover of British Energy Could Be Postponed

UK-based nuclear power generator British Energy’s takeover by French energy giant EDF could be deferred until the end of the first week of August 2008, reported the International Herald Tribune, quoting industry sources.

The proposed GBP12 billion takeover of British Energy by EDF was expected to occur in the last week of July 2008, but last moment negotiations are still being held by the involved parties, the news source said.

It is widely anticipated that the official announcement of the takeover would come before EDF announces its first half financial results on August 1, 2008. EDF has agreed to buy British Energy for around GBP7.75 per share.

British utility group Centrica is also expected to pick up a minority stake in the nuclear power generation company, in a bid to gain access to sites across the UK to build nuclear power stations, according to the International Herald Tribune.