The Board of French state-controlled electricity giant Electricite de France SA (1024251.FR) will hold an extraordinary meeting on Wednesday, May 7, or Thursday, May 8, to put a final touch to the company's offer for 35.2% of U.K.-based energy company British Energy Group Plc (BGY.LN), French business daily La Tribune reported Tuesday, citing unspecified sources.
EDF's board should vote in favor of the creation of a joint-venture with natural gas operator U.K.-based Centrica Plc (CNA.LN), of which EDF would own 75% and Centrica 25%, which would then bid for British Energy, La Tribune also reported.
EDF favored a different solution in which it owned only 51% of the joint-venture with Centrica, but the U.K. government didn't approve it, La Tribune also said.