EDF Extends Offer for British Energy, Holds 92.7%

By Tara Patel

Dec. 8 (Bloomberg) -- Electricite de France SA, Europe’s biggest power producer, extended the cash portion of its 12.5 billion-pound ($18.7 billion) takeover offer for British Energy Group Plc to Jan. 5 after acquiring 92.7 percent of the company.

British Energy shareholders representing about 1.49 billion stocks accepted the cash offer by EDF, while owners with 207.6 million shares opted for the alternative so-called Contingent Value Rights, EDF said today in a statement. The CVRs give holders a slice of profits from the existing U.K. nuclear power plants.

EDF’s holding include stakes in British Energy held by Invesco Ltd. and the U.K. government, the statement said.

The French utility said last week it expects its purchase of British Energy to be cleared by the European Commission by Dec. 22 and that the offer will become unconditional early next month. The European Commission extended its review of the deal by 10 working days to Dec. 22.

EDF, which is also the world’s biggest operator of nuclear reactors, said last week concessions it didn’t disclose will be sent to competitors and customers in the U.K. for market testing.

It agreed in September to buy British Energy to become the U.K.’s biggest power producer and gain control of eight sites to build reactors. The purchase will add commercial clients to the 5 million households EDF’s U.K. unit supplies.

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