EDF Closer to British Energy Buy After Investor Talks, FT Says

By Jonathan Browning

Sept. 5 (Bloomberg) -- Electricite de France SA is moving closer to a deal to buy British Energy Plc, the Financial Times reported.

EDF, which was rebuffed by British Energy's shareholders in July, has offered to boost the potential pay-out under its alternative cash-and-paper bid, depending on the future performance of British Energy, the newspaper reported.

Negotiations with the U.K company's investors, including Invesco Perpetual, have made progress, although the discussions could still fail, the FT said, citing people close to the situation.

The French group may be hoping to clinch a deal ahead of a board meeting on Sept. 17, the newspaper said.

To contact the reporter on this story: Jonathan Browning in London jbrowning9@bloomberg.net