EDF said to be willing to bid more for British Energy
French energy firm EDF is said to be willing to increase its current £11 billion takeover bid for British Energy, so long as the company recommends its offer quickly, reports say.
Global Radio increases bid for GCapAccording to the Financial Times (FT), a person familiar with the situation said that EDF had expressed its intention to walk away from the deal if no agreement is reached by the end of June. The source was quoted by the FT as saying, "Either it happens quickly or there will be no deal."
EDF's current £11 billion bid values British Energy at 680 pence per share. According to the FT EDF may be willing to offer over 700 pence per share if it believed the deal would be approved by the board of British Energy.
On Monday British Energy said that bids would have to value the company at 735 pence per share, slightly lower than the company's closing price on Thursday of 737 pence per share.
According to the FT EDF considers the price of 735 pence per share too high, due to the levels of investment and operational risks involved in renovating British Energy's nuclear power stations.
Spanish energy company Iberdrola has said it will not be bidding for British Energy.
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