France

Industry Briefs

After rejecting a sale of the entire company to Electricite de France (EDF) in October in favor of a deal with MidAmerican Energy Holdings Co., the Constellation Energy board said it is willing to talk with the French company about its proposal to acquire Constellation nuclear assets. Constellation’s board has authorized discussions and an exchange of information with EDF related to an unsolicited proposal received from EDF on Dec. 2. Constellation said the decision to talk with EDF is consistent with its merger agreement with MidAmerican. The Constellation board has not changed its recommendation that shareholders vote in favor of the merger with MidAmerican. A special meeting for a vote remains scheduled for Dec. 23. EDF’s proposal provides for an up-front $1 billion cash investment in Constellation to be credited against the purchase price for EDF’s interest in the nuclear generation business, and an option under which Constellation could sell nonnuclear generation assets to EDF that have an aggregate value of up to $2 billion. The joint venture would run five of Constellation’s nuclear reactors, including the two at Nine Mile Point and the one at the Robert E. Ginna plant in New York, and the two at Calvert Cliffs in Maryland. Constellation and EDF are already in a 50-50 joint venture that was created in the summer of 2007 called UniStar Nuclear Energy LLC to develop new nuclear reactors in the U.S. using Areva SA’s Evolutionary Power Reactor design.

December 15, 2008

Constellation to Lend an Ear to EDF Nuclear Offer

After rejecting a sale of the entire company to Electricite de France (EDF) in October in favor of a deal with MidAmerican Energy Holdings Co., the Constellation Energy board said Monday it is willing to talk with the French company about its proposal to acquire Constellation nuclear assets.

December 9, 2008

Spurned EDF Goes After Constellation Nuclear

If at first you don’t succeed, try, try again. After being rebuffed in its first bid for Baltimore-based Constellation Energy in mid-October, European electricity giant Electricité de France S.A. (EDF) is attempting an end-around as subsidiary EDF International proposes to acquire through a joint venture a 50% ownership interest in Constellation’s nuclear generation and operation business for $4.5 billion.

December 8, 2008

EDF’s New Bid Targets Constellation Nuclear

If at first you don’t succeed, try, try again. After being rebuffed in its first bid for Baltimore-based Constellation Energy in mid-October, European electricity giant Electricité de France S.A. (EDF) is attempting an end-around as subsidiary EDF International proposes to acquire through a joint venture a 50% ownership interest in Constellation’s nuclear generation and operation business for $4.5 billion.

December 4, 2008

EDF Bows Out as Constellation-MidAmerican Moves Forward

The competition to acquire Constellation Energy Group officially ended last Wednesday after global power producing giant Electricite de France (EDF) said it will not revise its current offer, but that it will continue its objective of developing new nuclear plants in the United States. Also last week, Constellation and MidAmerican Energy Holdings filed their merger plan with FERC and MidAmerican made a pitch to the Maryland Public Service Commission about the benefits of a union.

October 20, 2008

EDF Bows Out of Constellation Acquisition Chase

The competition to acquire Constellation Energy Group officially ended Wednesday after global power producing giant Electricite de France (EDF) said it will not revise its current offer, but that it will continue its objective of developing new nuclear plants in the United States.

October 17, 2008

Electricite de France Picking Up Eagle Energy

Electricite de France (EDF) is buying Eagle Energy Partners from bankrupt Lehman Brothers Holdings Inc., EDF Trading, a subsidiary of the French utility giant, said on Monday. Eagle’s future has been in question since the company was excluded from a recent deal in which Barclays Capital Inc. acquired Lehman Brothers Inc. for $1.75 billion.

September 30, 2008

French Firm Offers Competing Bid for Constellation Energy

Just when it appeared that MidAmerican Energy Holdings Co.’s acquisition of Constellation Energy Group would be a smooth transaction, Electricte de France (EDF) International SA, the largest power producer in Europe, has offered to acquire Constellation Energy for $8.50/share more than what Berkshire Hathaway’s MidAmerican Energy has bid. But MidAmerican Energy did not see the rival bid as a setback.

September 23, 2008

Hydro-Quebec Sells Major Interest in Gaz Metro

Hydro-Quebec last week announced the sale of its 50.38% control of Noverco, the holding company that owns nearly 75% of Quebec’s largest natural gas distributor, Gaz Metropolitain, and almost 10% of Canadian pipeline and distribution firm Enbridge Inc., to a consortium led by the Quebec provincial pension fund manager Caisse de depot for C$900 million.

July 5, 2004

Hydro-Quebec Sells Major Interest in Gaz Metro

Hydro-Quebec has announced the sale of its 50.38% control of Noverco, the holding company that owns nearly 75% of Quebec’s largest natural gas distributor, Gaz Metropolitain, and almost 10% of Canadian pipeline and distribution firm Enbridge Inc., to a consortium led by the Quebec provincial pension fund manager Caisse de depot for C$900 million.

July 2, 2004