11 June 2008
British Energy (BE), the firm part owned by the government in the UK, has said that it has turned down a takeover offer from the French outfit EDF.
It stated that the bid from the company was below its asking price and that it has good facilities, which should be attractive, reports the Guardian.
A statement from BE read that its assets are worth more than the £10 billion tabled by the organisation from France.
The statement suggested: "Such proposals do not represent value for shareholders as they fail to take proper account of the current forward price of electricity and the value of the company's sites and people in the context of new nuclear build."
Discussions with possible buyers will continue following the rejection, the firm added.
This week, uSwitch.com warned that energy prices could be about to rise after changes were outlined by British Gas as part of its market tracker product.