The French energy giant EDF announced Wednesday that it has agreed to pay 12.5 billion pounds (23.18 billion U.S. dollars) to take over British Energy (BE), theUK's biggest power producer.
Its offer values BE at 774 pence a share, 9 pence more than a cash bid from EDF in July which was rejected by the BE's major shareholders.
EDF, which is providing power to five million UK customers, will also play a key role in the development of new plants, most probably on the company's existing sites.
If approved by the regulator, the sale will see EDF take control of the BE's eight nuclear power stations.
EDF said it plans to build another four nuclear reactors in theUK.
Centrica, Britain's largest energy supplier, is also in talks with EDF to buy a 25 percent stake in the new BE once the takeoveris completed.
Prime minister Gordon Brown has welcomed the sale as "good value for the taxpayer".
The government has a 36 percent stake in BE and stands to make billions from the deal.
EDF, mostly state-owned, is Europe's largest electricity supplier. It is providing gas and electricity to about five million customers in the UK and produced 77 percent of France's electricity last year.
Source: Xinhua
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