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Centrica Confirms That A Possible Bid For British Energy Is Being Discussed

Even though it has been rumoured in the news of late, it has taken a push from the Takeover Panel to force Centrica to admit that it has been looking at a number of alternatives with regards to British Energy, if the failed bid by EDF cannot be revived. While the British Government is said to be active behind the scenes, looking to get the deal back on, it seems as though Centrica is just waiting for the nod.

Some shareholders are dismayed that the government is still pursing the deal even though two shareholders with a combined 22% of the share capital of British Energy are against the bid and want more. Rumours are rife that the UK Treasury is desperate to cash in the government's 30% plus stake and accept the £4.5 billion they stood to receive.

The government is playing a very dangerous game by seemingly excluding Centrica from any possible deal in its own right - however Centrica would still be a junior partner with EDF as had been proposed before - until the EDF option has been exhausted. If the EDF deals is sweetened by using tax payer's money this could well turn into one of the largest corporate scandals for some time.

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