EDF exits competition for Constellation
BALTIMORE, MARYLAND - Electricite de France, the state owned French electricity company, has decided not to make another offer for Baltimore's Constellation Energy Group.
After an on-and-off interest in the owner of Baltimore Gas and Electric, EDF said that "the current conditions are not conducive to presenting a new offer."
EDF had talked to Constellation several weeks ago as the American company's credit-rating came under pressure, but Constellation signed a deal to be bought by Warren Buffett's MidAmerican Energy Holdings for $26.50 a share. EDF has said its offer was $35 a share. Constellation was down $2.50 to $23 on October 15.
EDF said in a prepared statement: “Given the current state of financial markets and in particular the difficult credit market for corporates, and after discussions with several potential American partners, EDF has determined that current conditions are not conducive to presenting a new offer for Constellation Energy Group.
“EDF confirms its objective of developing at least 4 EPRs in the United States in partnership with one or several American players and continues to review closely all possible options.”
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A statement from the Energy Ministry says it’s the sixth year in a row that BC Hydro has applied for an increase below the rate of inflation.
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