British Energy and EDF on brink of nuclear power deal

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Board members of British Energy and French energy firm EDF are set to meet to consider a potential £12 billion bid for the UK power generator.

Under the deal, British Energy's shares would be valued at 775p each and the plans could get the green light at the meeting in Paris tomorrow, the Times has reported.

It is believed that the government - a 35 per cent stakeholder in British Energy - wants a French-backed takeover, and according to the Times, EDF appears to have the support of more than half of shareholders.

A takeover from EDF would most likely mean an expansion of nuclear energy in Britain.

The firm has said it would like to build at least four nuclear power plants in the UK on some of the preferred sites for the stations which British Energy already owns.

Manchester University is poised to announce a £5 million endowment from British Nuclear Fuels to fund research into nuclear energy, the Financial Times has reported.

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