Centrica to buy 20% stake in British Energy

11-05-2009

Centrica to buy 20% stake in British Energy
British gas owner Centrica has announced it is buy a 20 per cent stake in the nuclear firm British energy.

The £2.3 billion deal is lower than an original agreement with France's EDF last summer, which would have seen the company take a 25 per cent stake.

Negotiations stalled, however, after a decline in electricity prices.

EDF took over British Energy in January this year in £12.5 billion deal.

Reports suggest Centrica and EDF are planning on adding to British Energy's eight nuclear power plants in the UK, with suggestions of an extra four plants being built.

The new deal announced today still requires regulatory approval, and could be completed by September.

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