British Energy set to be sold for £12bn to EDF - report

24 July 2008 - French energy firm EDF and British Gas owner Centrica are set to announce that they have bought UK nuclear firm British Energy, according to the BBC. The BBC said EDF and Centrica will probably announce early next week they are paying more than £12bn ($24bn) for the company. British Energy, which owns eight UK nuclear power stations, has been on the auction block for months. This is because the UK government wants to sell its "economic interest". The BBC quoted an executive close to the companies as saying that: "There's a push to conclude a deal before the holiday. We hope it will be done in the next few days." British Energy's board is insisting that EDF pay more than 750p a share, perhaps as much as 775p - which would value the company at well over £12bn - having rejected an offer of 680p made by EDF in May.... [read full story]