5 December 2008

As at 1.00 p.m. (London time) on 5 December 2008 (being the first closing date of the Offers), Lake Acquisitions (acting for EDF) had received valid acceptances in respect of 644,291,988 British Energy Ordinary Shares representing 62.19 per cent. of the current issued share capital of British Energy. That, combined with its existing 26.48% stake in the firm, took its potential holding to 88.67 per cent.

This means that EDF has been promised 89% of BE’s total share capital after shareholder acceptance. The figure falls below the 90 per cent needed by EDF to force the remaining shareholders to sell out to it to complete the takeover. The offer period is to be reopened with a new deadline of 5 January.

The deal has the approval of the French and British governments, selling BE’s eight nuclear plants to EDF – already the world’s largest nuclear plant operator with 58 reactors in France. The French firm also plans eventually to open four more in England.

EDF stated it had offered certain commitments to the EC as part of the body’s review of the takeover. These commitments will be market tested by the EC with certain competitors and customers of EDF. The EC’s extended phase 1 review period is due to expire on 22 December 2008.

 

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