baltimoresun.com

« Legg's Bill Miller beats the S&P 500 | Main | Did the liberals cause the housing bubble? »

October 2, 2008

EDF: "Reviewing all its options" on Constellation

Carole Trivi, spokeswoman for Electricite de France, which made an earlier offer of $35 a share for Constellation Energy, says on the phone in response to a Financial Times story reporting that EDF and KKR are close to a new attempt to beat Warren Buffett's $26.50 bid for Constellation:

"We have no special comment about the FT story."

"We remain committed to opportunities in the U.S. nuclear industry. EDF is now reviewing all its options to increase the value of its investment in Constellation."

What about KKR? "We submitted a joint offer with KKR and TPG Capital" for Constellation, previously. "We are still studying different options... We are still in talks with KKR" regarding Constellation.

EDF owns nearly 10 percent of Contellation, the parent of BGE. From the FT story:

EDF is nearing a deal with private equity group KKR which it hopes could trump billionaire businessman Warren Buffett in his agreed $4.7bn takeover of Baltimore-based Constellation Energy.

Pierre Gadonneix, chief executive of the French electricity group, will meet KKR executives in the US this week to finalise details of a new assault on the company it had chosen as its bridgehead into North America, where it is looking to tap into the revival of civil nuclear power generation.

Posted by Jay Hancock at 10:48 AM | | Comments (0)
        

Post a comment

All comments must be approved by the blog author. Please do not resubmit comments if they do not immediately appear. You are not required to use your full name when posting, but you should use a real e-mail address. Comments may be republished in print, but we will not publish your e-mail address. Our full Terms of Service are available here.

Please enter the letter "y" in the field below:
About Jay Hancock
Jay Hancock has been a financial columnist for The Baltimore Sun since 2001. He has also been The Baltimore Sun's diplomatic correspondent in Washington and its chief economics writer. Before moving to Baltimore in 1994 he worked for The Virginian-Pilot of Norfolk and The Daily Press of Newport News.

His columns appear Wednesdays and Fridays.
-- ADVERTISEMENT --

Most Recent Comments
Resources and Sun coverage
Stay connected