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By Samuel R. Avro on Dec 8, 2008 with no responses

EdF Raises Stake in British Energy; Extends Offer


French electricity giant EdF (Electricite de France) announced on Monday that it now owns nearly 89 percent of nuclear power operator British Energy, and that it would extend its takeover offer until Jan. 5.

British Energy accepted EdF’s proposed takeover offer in September after initially rejecting it. EdF offered $18.7 billion cash to purchase the company.

The deal would give the rights to British Energy’s 8 nuclear plants to a company that already operates 58 reactors in France.

France receives about 80 percent of its energy needs from nuclear power.

This is just the latest news regarding EdF in which they’re making a big play to control the nuclear power industry. Last week they took on Warren Buffett’s planned takeover of Constellation Energy, the U.S.’s largest energy supplier to commercial and industrial customers. EdF offered $4.5 billion for half of Constellation’s nuclear power unit.

The French government owns around 85 percent of EdF, the world’s biggest producer of nuclear energy.