U.K. nuclear power company British Energy Group PLC (BGY.LN) has drafted in an independent financial adviser to work on a possible takeover deal with Electricite de France (1024251.FR), The Daily Telegraph reports Wednesday.
British Energy has appointed Gleacher Shacklock investment bank to act as its so-called "rule 3" adviser, the paper said, citing sources.
British Energy has taken advice from Rothschild and JP Morgan Cazenove.
Under Takeover Panel Rules, companies that have received an approach have to appoint "rule 3" advisers if their existing investment banking advisers have commercial relationships with the bidder, which both banks do.