French EDF To Bid For U.K. Energy Giant

Paris, France (AHN) - France's largest energy company, Electricite de France SA (EDF) reportedly has become the latest power producer bidding for British Energy Group Plc., offering a bid five percent below the share price of the partially state-owned electricity company.

EDF could make its offer for the British company as soon as Friday, according to Bloomberg. British Energy, valued at $22 billion, saw its stock fall 2.6 percent Thursday and was off 2.5 percent Friday in London trading.

A number of other regional power companies are also vying for British Energy, a company almost 36 percent-owned by the U.K. government. The power company attracted interest after British Prime Minister Gordon Brown threw support behind plans to update and increase the nation's nuclear power plants.

Along with France, Spain's Iberdrola SA and Germany's E.ON AG are reportedly interested in acquiring British Energy.