France's EDF Considering Abandoning $4.5 Billion Constellation Deal Under Government Pressure (CEG)

Fri. October 30, 2009; Posted: 12:14 PM

Oct 30, 2009 (SmarTrend(R) News Watch via COMTEX) -- CEG | Quote | Chart | News | PowerRating -- 10/30/2009 - French nuclear power operator EDF is facing pressure from its government to abandon a $4.5 billion deal with Constellation Energy (NYSE:CEG), according to a Financial Times Report. The 84% state-owned company had planned to buy 49.9% of Constellation's nuclear assets and build four nuclear reactors with the company. Officials are wondering whether the company should focus on Europe. One senior civil servant was quoted as saying, "There is a question over whether EDF should continue with Constellation . . . It could still win contracts in the US (as an operator or builder of power stations) and it is not a stupid idea to make EDF a European leader." Henri Proglio, who is set to take head position at EDF next month, told deputies that he was "not sure that [the US deal] needed to be done".

Write to Chip Brian at cbrian@tradethetrend.com

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For full details on Constellation Energy Grp (CEG) click here. Constellation Energy Grp (CEG) has Short Term PowerRatings of 5. Details on Constellation Energy Grp (CEG) Short Term PowerRatings is available at This Link.

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