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British Energy says 'takeover bids' too low
London (AFP) June 9, 2008 Nuclear power operator British Energy said Monday that a series of takeover proposals it had received from unnamed parties undervalues the company. British Energy announced on May 16 that it had received several offers from parties interested in the company as Britain prepares major new atomic energy investment. French state-owned energy giant EDF is seen by analysts as the favourite to win a European battle to buy British Energy, which is a third-owned by Britain's Labour government. Other European energy giants linked with a bid for British Energy include RWE from Germany and Spain's Iberdrola. May 16 was the deadline for bids for the British government's 35.2 percent stake in British Energy, which provides nearly 19 percent of the country's electricity. It owns and operates eight nuclear power stations. A company buying the government's stake would have to make a full offer for British Energy under takeover rules. British Energy said in a statement released Monday that "none of the proposals put forward so far is above the share price (of 735 pence) at the close of business on Friday 6 June." It added: "The board is clear that in current circumstances such proposals do not represent value for shareholders as they fail to take proper account of the current forward price of electricity and the value of the company's sites and people in the context of nuclear new build. "The board will continue to progress the opportunities available either through an offer for the company or other partnering arrangements which maximise the value of British Energy's participation in nuclear new build. "It expects further discussions with interested parties," the statement went on to say. At 735 pence a share, British Energy is worth 11.7 billion pounds (14.7 billion euros, 23.1 billion dollars), according to AFP's calculations. Community Email This Article Comment On This Article Share This Article With Planet Earth
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