Deals and IPOs

British Energy Gets Range of Bid Approaches


British nuclear power generator British Energy has received a range of takeover proposals, including some priced above Thursday's closing share price of 680 pence per share, it said on Friday.

Shares in British Energy have declined 13 percent from a 785p all-time high on April 25 as hopes of a bidding war at a significant premium to its share price have faded.

Britain's Centrica and France's EDF were prepared to make offers at less than 700p/share, sources familiar with the matter told Reuters last week.

British Energy said on Friday it had received a range of proposals from several parties wishing to make a full offer for the company including the Nuclear Liabilities Fund, which represents the UK government's 35 percent stake.

The process of evaluating the proposals is likely to take a number of weeks, British Energy said.

"The board has reviewed the proposals and has decided that discussions should continue with all the parties concerned."

Britain's Centrica has made an indicative all-share offer of under 700p/share, industry sources told Reuters last week.

France's EDF was expected to make an offer "substantially" less than 700 pence per share, sources familiar with the matter previously told Reuters.

Spain's Iberdrola is also interested, an industry source told Reuters last week.