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French energy giant to purchase stake in British Energy
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13:31, August 01, 2008

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French energy giant Electricite de France (EDF) is expected to acquire over 35 percent stakes in nuclear power operator British Energy, local media reported Thursday.

The executive board of EDF, Europe's top electricity producer, approved a purchase bid for British Energy on Thursday, according to the reports.

EDF plans to purchase 35.2 percent stakes of the company held by the British government at a price of 5.45 billion euros (8.05 billion U.S. dollars).

In May, British authorities had refused purchase proposals from EDF, saying it had undervalued the company.

EDF, an international heavyweight in civil nuclear power production, earned profits worth 5.62 billion euros (8.3 billion U.S. dollars) in 2007.

With the bid for British Energy, EDF is poised to generate half of Europe's nuclear-power electricity.


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