For you Tritium(*)

For you Tritium⁽*⁾:

 

Why hide what you have to offer from others? Being shy and coy can be cute, but these aren't effective tactics for showing the world what you can offer. So today, you need to take a bigger risk -- reveal your inner thoughts and ideas and providing the clues towards solving the “mystery”.

 

EDF seals British Energy deal

September 24 2008 03:00

EDF will today take the lead role in the development of nuclear power in Britain with the £12.4bn agreed takeover of British Energy, the nuclear generator.

EDF has also signed a memorandum of understanding for Centrica, the owner of British Gas, to take a 25 per cent stake in British Energy.

 It will give EDF almost all the UK's nuclear power stations and control over most of the best sites for building more, giving it a dominant position for the planned revival of the UK's nuclear industry. It hopes to build at least four nuclear plants, the first to come on line by the end of 2017.

However, the French group has also agreed to sell some of British Energy's land at Bradwell in Essex, and possibly Dungeness in Kent or Heysham in Lancashire, for other companies such as Eon and RWE of Germany to use for building reactors.

The new offer is 774p per share in cash, 9p higher than in July.

But there is also an alternative of 700p per share in cash plus contingent value rights: securities that pay out according to the future performance of British Energy's power stations.

The CVRs have been made significantly more generous to win over Invesco Perpetual, British Energy's biggest institutional shareholder, which rejected EDF's previous approach in July.

The UK government, which controls about 35 per cent of British Energy's equity (You must remember Natural Gas of Spain. And in name of whom deal was closed.), has backed EDF's bid as the solution most likely to provide the expertise to develop nuclear power in Britain.

Under the agreement with Centrica, EDF will sell the British group the 25 per cent stake in British Energy for £3.1bn, one-quarter the price it is paying for the whole company, and will contract to supply Centrica with 25 per cent of the electricity generated by British Energy's reactors.

Centrica will receive an option to take a 25 per cent stake in EDF's investment in new nuclear power stations in Britain.

The deal will be concluded only after EDF's purchase of British Energy and will have to await necessary regulatory approvals, most significantly from the competition authorities in Brussels.

By Crooks

^(*): Tritium (pronounced /ˈtɹɪt.i.əm/, symbol T or 3H, also known as Hydrogen-3) is a radioactive isotope of hydrogen. Thenucleus of tritium (sometimes called a triton) contains one proton and two neutrons, whereas the nucleus of protium(the most abundant hydrogen isotope) contains no neutrons and one proton.