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British Energy Receives Bid Approaches

While it has been something of an open secret in the market that British Energy was up for sale, it seems that the company has received a number of approaches which value the company around the £11 billion level. Sources are suggesting that EDF and a group containing RWE, Iberdrola and Suez have approached the company with EDF the only company to produce a firm proposal as yet.

The EDF offer is said to be in the region of 700p per share with sources suggesting that the bid will not succeed at that level. While the other groups have not tabled formal offers as yet British Energy does not expect the EDF bid to be the only offer they will receive.

British Energy is the largest electricity producer in the UK and while its heavy exposure to nuclear power has often been controversial, many are questioning how yet another of the UK utility companies can fall into foreign hands. When you look across the board, much of the UK utility sector is controlled by overseas parents with gas and the electricity suppliers all dominated by non-UK based companies.

While this story still has some way to go it seems that yet another UK utility may be about to snapped up a cash rich foreign competitor.

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