French state-controlled Electricite de France SA (EDF.FR) has called for a meeting of its board on April 16 to decide over the potential sale of its U.K.-based electricity distribution asset, a person familiar with the matter told Dow Jones Newswires Tuesday.
French state-controlled Electricite de France SA (EDF.FR) has called for
a meeting of its board on April 16 to decide over the potential sale of its
U.K.-based electricity distribution asset, a person familiar with the matter
told Dow Jones Newswires Tuesday.
EDF said last October it was considering a disposal of the
U.K.
unit,
but Chairman and Chief Executive Henri Proglio has been adamant, until now,
that no decision has been made on whether the deal will go ahead. The sale of
the unit could reduce the company's debt by as much as GBP5 billion.
"The process is going on but so far, no decision has been reached. A final
decision will be made during the group's board meeting," Proglio told Dow
Jones Newswires in early March.
The sale process was put in motion in October by Proglio's predecessor, Pierre
Gadonneix, as part of a plan to address the group's looming debt. This followed
a very expensive acquisition spree during the summer of 2008, when EDF acquired
U.K.-based nuclear operator British Energy for GBP12.5 billion, and half of the
nuclear operations of U.S.-based Constellation Energy Group Inc. (CEG) for $4.5
billion. A preliminary memorandum on the sale was sent to a number of
infrastructure funds and utility companies in November.
At the end of December 2009, EDF's net debt stood at EUR42.5 billion, up 74%
from EUR24.47 billion a year earlier.
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