British Energy Shareholders Likely to Have Rejected 765P Bid

By Paul Dobson

Aug. 1 (Bloomberg) -- British Energy Group Plc, the U.K.'s biggest nuclear power producer, told Electricite de France SA it wouldn't recommend a takeover bid for the company at 765 pence a share, two people with knowledge of the talks said.

British Energy wouldn't back the offer from the Paris-based generator, which it received yesterday, because shareholders would reject the approach at that price, said the people, who declined to be identified because the negotiations are private.

To contact the reporter on this story: Paul Dobson in London at pdobson2@bloomberg.net