The French electricity giant, EDF, appears to have failed in its bid to takeover Britain’s nuclear power generator, British Energy.
EDF was expected today to announce a 15-billion euro deal but it said last night that “conditions for a major development” had not been met.
It is thought the proposed offer was rejected by shareholders who believe they can obtain more money because of the soaring price of energy.
Talks are continuing however but if the deal does collapse it will be a serious blow to the British government’s efforts to cut greenhouse gases by relying more on atomic power.
The state owns 35 percent in British Energy and is believed to have backed the deal, which would have raised around 5-billion euros for the government.