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EDF buys British Energy for £12.5bn

Sep 24 2008

French group EDF has agreed a £12.5 billion takeover of British Energy in a move set to kick-start the UK's nuclear power strategy.

The state-owned utility giant will pay 774p a share, 9p higher than the price offered in July which was rejected as too low by major British Energy shareholders.

British Gas parent Centrica is also in talks to buy a 25% stake in the new British Energy following the deal, it was confirmed on Tuesday.

Prime minister Gordon Brown welcomed news of the takeover as "good value for the taxpayer and a significant step towards the construction of a new generation of nuclear stations".

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