Power bid in the offing
NUCLEAR power station operator British Energy, which owns a site in Hartlepool employing about 700 people, was said today to be weighing up an £11bn takeover approach from German utility business RWE.
The company, which confirmed talks about a possible takeover or merger last month, has allowed RWE access to its books, according to reports.
British Energy, which produces about one-sixth of the UK’s electricity, operates all eight of Britain’s nuclear power stations and is expected to play a major role in the proposed development of the next generation of nuclear power plants.
RWE’s all-cash indicative offer may face competition from French firm EDF as well as British Gas owner Centrica, which could team up with another player for a bid.
The Government owns a 35% stake in British Energy and could make up to £4bn if RWE’s proposal is accepted.
British Energy was unavailable for comment.
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