French close in on British Energy

Published on Friday 2 January 2009 21:47

FRANCE'S state-owned electricity supplier, EDF, moved one step closer to becoming the UK's biggest electricity producer last night.

In a statement to the stock exchange, EDF said it had waived outstanding conditions of its bid and was now awaiting a conversion of shares held by the UK government's Nuclear Liabilities Fund – which holds 35.5 per cent of shares in British Energy, thus allowing the 12.5 billion deal to complete.

EDF is the world's biggest nuclear electricity generator, and Europe's biggest energy utility.