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EDF sole bidder for British Energy

 
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Aurora



Joined: 24 Jan 2007
Posts: 8502

PostPosted: Sat May 10, 2008 7:25 am    Post subject: EDF sole bidder for British Energy Reply with quote

Quote:
Guardian - 09/05/08

French power group EDF today submitted a firm all-cash offer to buy British Energy, emerging as the sole bidder for the UK's main nuclear power producer.

The state-owned group, believed to have offered closer to 600p than the 700p a share originally mooted, is expected to confront rival bids from other European utilities in the coming days or even weeks.

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biffvernon



Joined: 24 Nov 2005
Posts: 18551
Location: Lincolnshire

PostPosted: Mon Jun 09, 2008 10:18 pm    Post subject: Reply with quote

Time's up and the nuclear industry goes to...oh no, sorry, it didn't quite make the reserve. Looks like nobody really wanted it.

Quote:
British Energy still seeks suitor

British Energy has said takeover propositions put forward to it were below Friday's closing share price and did not represent shareholder value.

The nuclear power generator, 35% owned by the British government, said it will continue talks with suitors but that would not necessarily lead to an offer.

Its shares fell 2.5% on the news, and closed down 1.9% at 721 pence.

The firm only received one firm bid, of 680 pence a share, from France's EDF, before a deadline expired last month.

Germany's RWE and Spain's Iberdrola have also been in touch with BE, but have not put up a formal offer.

British Energy operates eight nuclear power stations in the UK and also runs the Eggborough coal-fired power station in Yorkshire.

"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 new nuclear build," British Energy said in a statement.

"We will continue to progress the opportunities available either through an offer for the company or other partnering arrangements," it added.


http://news.bbc.co.uk/1/hi/business/7444756.stm
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RenewableCandy



Joined: 12 Sep 2007
Posts: 12463
Location: York

PostPosted: Sat Jun 14, 2008 6:47 pm    Post subject: Reply with quote

Quote:
British Energy operates eight nuclear power stations in the UK and also runs the Eggborough coal-fired power station in Yorkshire.

I've been away for a week...yes I know Drax has been hijacked and there's no petrol, but has Yorkshire left the UK?? Why didn't I have to show my passport when I got off the train home? etc... Very Happy

Erm...and I always thought HMG couldn't flog its share in BE. Or are we, having sold off the family silver, flogging the glowing stuff too?
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Vortex



Joined: 16 May 2006
Posts: 6097

PostPosted: Sat Jun 14, 2008 8:58 pm    Post subject: Reply with quote

"This is Telephone Bidder 3. My last and final bid for BE is $27.4BN. "
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biffvernon



Joined: 24 Nov 2005
Posts: 18551
Location: Lincolnshire

PostPosted: Mon Jun 16, 2008 9:48 pm    Post subject: Reply with quote

Seems they're going to parcel it up into little bits and flog it off to souveneer hunters or somesuch.

Quote:
British Energy is considering parceling the company's nuclear sites into a series of joint ventures rather than sell the whole company to one bidder, a source close to negotiations told Platts Monday.

The UK nuclear generator has been thinking of returning to what the
source called "Plan A" after failing to flush out any offers that have matched its own estimation of the company's worth.

The source confirmed Monday a report in the London Sunday Times that the board of British Energy have been working on the joint-venture plan in parallel with putting the company up for sale, believing that it could offer more long-term value than an outright takeover.

"As per the announcement last week, British Energy hasn't yet received any proposals that meet its valuation of the company," the source said.
"The board is now looking at reverting to its original idea--Plan A--and
to focus on a series of joint ventures for the company's nuclear development sites," the source said.
more
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kenneal - lagger
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Joined: 20 Sep 2006
Posts: 9810
Location: Newbury, Berkshire

PostPosted: Tue Jun 17, 2008 4:47 am    Post subject: Reply with quote

Quote:
"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 new nuclear build," British Energy said in a statement.


What value? They could be under water in a few years time.
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