Iberdrola Gives Up On British Energy
Spanish generation giant, Iberdrola, has formally declared that it is no longer interested in buying a stake in British Energy (BE). The company had previously been one of those linked to rumors of a consortium that might outbid Electricite de France’s offer of around 680p per share. The market price of BE shares has been rising following the recent UK blackouts and takeover talk, but may have peaked as The Times reports a slight drop today to 740.5p – still well short of the 1000p that the company’s management thinks it is worth. Meanwhile Reuters reports that EdF’s share price is falling because traders fear that it may raise its offer for BE.
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