Massive Franco-British energy link-up fails
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Mon, 18 Aug 2008 08:34
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London - Energy giant British Energy has rejected a takeover bid worth 12 billion pounds (24 billion dollars) by French firm EDF which had been expected to carry out a massive renewal of nuclear energy plants in Britain, it was reported Friday. The deal would have involved the sale of most of Britain's outdated nuclear power stations to the French state-owned energy firm, and was the centrepiece of the British government's future plans for a revival of nuclear energy. A deal was expected to have been announced Friday. But according to reports, EDF said in a statement that conditions were not right for it to proceed with the deal. "After in-depth discussions, EDF considers that the conditions for a major development in Great Britain are not met to date," the Paris-based company said in a statement. Two of the major shareholders in British energy had rejected the offer in the last minute late Thursday, said analysts. British Energy, in which the government has a 35-per cent stake, said "advanced discussions" had continued but that no agreement had been made to date. It added that there could be "no certainty" that the talks would lead to an offer being made.
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