EDF revives British Energy bid


French utility EDF has moved closer to a deal to buy nuclear generator British Energy after fruitful talks with some of the company's biggest investors, the Financial Times said.

EDF, the world's biggest single producer of nuclear energy, has offered to boost its Ł12 billion ($21.36 billion) bid, rejected by British Energy shareholders a month ago, depending on future performance.

The FT said negotiations were still at an early stage with British Energy's investors, which include Invesco Perpetual, its second-biggest shareholder, with 15% of the group.

The talks have made progress, but could still fail, the paper said, citing people close to the matter.

M&G, the group's third-largest investor, with 7%, says it has had no conversations with EDF.

The French group appears to be hoping to clinch a deal in the next two weeks, ahead of a board meeting on September 17.

A person close to EDF told the FT that an increased offer would only be approved by the board if Chief Executive Pierre Gadonneix was able to show he had a firm commitment from British Energy shareholders for a deal and some concessions to minimize the potential risks of acquisition. (Reuters)

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