Brit Energy investor wants Centrica merger

LONDON - British Energy Plc's largest investor, Invesco, wants a merger between the nuclear power generator and British utility Centrica Plc, The Sunday Telegraph newspaper reported.

By (Reuters)

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Published: Sun 24 Aug 2008, 5:43 PM

Last updated: Sun 5 Apr 2015, 11:57 AM

British Energy would not comment on the report.

The paper said Neil Woodford, head of investment at Invesco which owns a 15 percent stake in British Energy, said a merger was the obvious solution to the future of both companies.

‘Together they (British Energy and Centrica) can work out a joint venture with EDF to build nuclear sites (in Britain),’ he told the paper.

On Aug. 4, Centrica said it might revive plans to merge with British Energy after French power group EDF's 12 billion pound ($22.4 billion) bid for the nuclear power company stalled.

However, a government spokesman told Reuters at the time that Britain's preferred option remains a takeover by EDF.

The British government, which owns about 35 percent of British Energy, gave the green light in January to new nuclear power stations to help cut carbon emissions and reduce reliance on energy imports.

This sparked takeover interest in British Energy, which lacks the expertise to build new plants but whose land is viewed as the best site for new developments.

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