This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7632853.stm
The article has changed 12 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| EDF agrees to buy British Energy | EDF agrees to buy British Energy |
| (40 minutes later) | |
| French energy firm EDF has agreed to buy British Energy, the firm which operates the UK's eight nuclear power plants, in a £12.5bn deal. | French energy firm EDF has agreed to buy British Energy, the firm which operates the UK's eight nuclear power plants, in a £12.5bn deal. |
| In addition, British Gas-owner Centrica is in talks with EDF to take 25% of all power generated by British Energy once it is in French hands. | In addition, British Gas-owner Centrica is in talks with EDF to take 25% of all power generated by British Energy once it is in French hands. |
| It will also take a 25% stake in all new nuclear plants built by EDF. | It will also take a 25% stake in all new nuclear plants built by EDF. |
| British Energy's power plants generate an estimated 14% of the electricity supply in the UK. | British Energy's power plants generate an estimated 14% of the electricity supply in the UK. |
| BRITISH ENERGY'S NUCLEAR PLANTS TornessHartlepoolSizewell BDungeness BHinkley Point BHeysham 1Heysham 2Hunterston B | BRITISH ENERGY'S NUCLEAR PLANTS TornessHartlepoolSizewell BDungeness BHinkley Point BHeysham 1Heysham 2Hunterston B |
| EDF's bid values British Energy at 774 pence a share, nine pence more than a previous bid which was rejected. | EDF's bid values British Energy at 774 pence a share, nine pence more than a previous bid which was rejected. |
| Major coup | |
| British Energy said that its largest shareholder - Invesco - which had played an instrumental part in scuppering a deal at the beginning of August, had agreed to accept the sweetened offer. | |
| The British government, which owns a 36% stake in British Energy, welcomed the deal. | |
| FROM THE TODAY PROGRAMME More from Today programme | |
| It is a major step forward for its plans to revive the nuclear industry and reduce the UK's dependence on oil and coal for its energy needs. | |
| Prime Minister Gordon Brown said: "This deal is good value for the taxpayer and a significant step towards the construction of a new generation of nuclear stations to power the country." | |
| EDF said plans for four new nuclear reactors were already in place, with the first to begin operating by the end of 2017, | |
| Controversial | |
| The deal is set to be controversial, BBC business editor Robert Peston says, because it will be seen by some as handing the UK's nuclear future to a company owned by the French state. | The deal is set to be controversial, BBC business editor Robert Peston says, because it will be seen by some as handing the UK's nuclear future to a company owned by the French state. |
| Centrica's investment, which will cost it about £3bn, may placate some critics. | Centrica's investment, which will cost it about £3bn, may placate some critics. |
| The deal with EDF is seen by Centrica as vital to reducing its dependence on imported gas. | The deal with EDF is seen by Centrica as vital to reducing its dependence on imported gas. |
| EDF was set to buy British Energy in July this year, but the deal was called off on the eve of the announcement when shareholders protested that it was being sold too cheaply. | EDF was set to buy British Energy in July this year, but the deal was called off on the eve of the announcement when shareholders protested that it was being sold too cheaply. |