British Energy takeover stirs up angst

LONDON, April 7 (UPI) -- U.K. power executives are lobbying for domestic control of British Energy.

Since the country's nuclear giant announced it would consider takeover bids from foreign companies, executives from Britain's power industry have been lobbying government ministers to ensure that at least one U.K. company is involved in the takeover.

Talks of a takeover began when the government gave up its stake in British Energy, The Independent reported.

The nuclear company is reportedly holding talks with EDF of France, E.ON and RWE of Germany and Iberdrola of Spain.

Centrica is also in discussions with the company, but it has little experience in the nuclear industry and the new owners will need to have more expertise.

The greatest concern is with EDF, the world's largest nuclear power company that is more than 80 percent owned by the French state. It is understood that the company's board gave the green light this week to Chief Executive Pierre Gadonneix to make a bid for British Energy that could value the group at up to $17 billion.

The government recently hired investment bank UBS to sound out buyers for its 35-percent stake in British Energy.