×

U.K. Sells 400 Million Shares of British Energy

The U.K.'s Department of Trade and Industry said Friday it raised about 2.08 billion pounds ($4.1 billion) after selling a stake in British Energy to pay for the decommissioning of nuclear power plants.

The government agency sold 400 million shares at a price of 520 pence ($10.28) each. That reduces the government's stake in Britain's largest power provider to about 39% compared with 64% previously.

"The net proceeds from the sale will go to the NLF (Nuclear Liabilities Fund), helping to ensure that it is better placed to meet its obligations in relation to the eventual decommissioning costs of British Energy's existing nuclear power stations," the DTI said.

British Energy shares rose 2.4% to 538 pence ($10.64) on the London Stock Exchange.