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British Energy agrees to do it the French way

News that EDF has agreed a £12.4 billion deal with the board of British Energy has received a mixed reaction in the City today after the deal was first rejected some weeks ago. The deal is worth 774p a share and while it is expected to be approved by shareholders nothing is certain about this long running saga.

The move will offer some relief in government circles as it brings in over £4 billion to the tax payers pool but what has the government given away to clear the deal? Why was EDF so eager to come back to the table after losing out some weeks ago?

While there has been no confirmation of any side deals or government assistance there is a growing concern that the government has 'sold the industry down the river'. The fear is that not only will EDF have a licence to control the UK nuclear power industry but they may also encounter little resistance with regard to future power price increases.

Something has happened between the initial deal falling and EDF walking away 'never to return' and today's agreed deal - quite what remains a mystery but it will no doubt be revealed in the fullness of time.

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