EDF bids for Constellation nuclear

PARIS, Dec. 5 (UPI) -- Paris-based Electricite de France has proposed an acquisition of Constellation Energy's nuclear generation.

The offer was made through EDF's subsidiary EDF International in a letter to the board of directors of the U.S.-based Constellation Energy.

EDF has offered to acquire 50 percent of Constellation's nuclear generation and operation business for $4.5 billion.

"As Constellation's largest stockholder, EDF has long admired and been a committed partner to Constellation," said Pierre Gadonneix, chairman and chief executive officer of EDF.

Gadonneix said he believes the deal is a better offer for Constellation stakeholders than the MidAmerican offer. The EDF offer is equivalent to about $52 per share.