EDF may sell power plants in France to fund UK nuclear acquisition - Times Online - 0 views
-
Energy Net on 16 Feb 09EDF, the French energy group, could be forced to sell some of its power stations in France to help to fund its £12.2 billion acquisition of Britain's nuclear industry, it admitted yesterday. EDF shocked investors by unveiling a fall of nearly 40 per cent in annual profits and warning that its debt pile had increased to nearly €25 billion (£22.5 billion) after a string of acquisitions, including those of British Energy, the UK nuclear generator, and America's Constellation Energy. Pierre Gadonneix, the chief executive, said that EDF, which is 85 per cent owned by the French State, was aiming to cut its debt by at least €5 billion by the end of 2010 and that much of this would be achieved through asset sales.