EDF, the French electricity and nuclear power group, is nearing a deal with private equity group KKR that it hopes could trump billionaire investor Warren Buffett in his agreed $4.7bn takeover of US-based Constellation Energy. Pierre Gadonneix, EDF chief executive, will meet KKR executives this week to finalise details of a fresh assault on the company it had chosen as a bridgehead into the US nuclear energy business. It owns 9.5% of Constellation and has a 50:50 joint venture and agreement with the east coast utility to build four reactors. EDF, which recently clinched an agreed €15.7bn offer for British Energy, plans to convene a board meeting in the next two weeks to approve a revived approach with KKR. The group is hoping that Buffett will be forced to bow out as pressure mounts on Constellation’s board to consider other offers.

This entry was posted by Gwen Robinson on Thursday, October 2nd, 2008 at 5:30 and is filed under Capital markets, M&A, People, Private equity. Tagged with Constellation Energy, edf, kkr, warren buffett. Edit this entry.