British Energy Gets Bid Approaches

Nuclear power firm, British Energy, has said it has received proposals from several parties who would like to make a full offer to purchase the company.

British Energy said: "On 17 March 2008 the Board of British Energy Group plc announced that the Company was in discussions with interested parties in the context of its future and its plans to take a pivotal part in any new nuclear programme.


"As a result of its process, the Company has received a range of proposals from several parties wishing to make a full offer for the Company including the Nuclear Liabilities Fund’s convertible cash sweep interest. These include proposals priced higher than the Company’s closing share price on 15 May 2008. The Board has reviewed the proposals and has decided that discussions should continue with all the parties concerned. The Board wishes to stress that each of the proposals requires further development and that the process is therefore likely to continue for a number of weeks."

European energy firm EDF is believed to be the front runner, however Iberdrola in Spain and German industrial group RWE are also thought to be putting bids forward.

(CD/JM)