Tom Reese/Paul Rubillo, Dividend.com
In contrast to what was reported a couple of weeks ago, French-based power company Electricite de France SA (EDF) will not make a new bid for Constellation Energy Group (CEG).
EDF cited deteriorating economic conditions, and "in particular the difficult credit market for corporates" for the move.
Electricite de France SA already owns a 9.5% stake in CEG, and had been interested in acquiring the Baltimore-based power producer as a way to delve into the U.S. power production market. As CEG's share price began to recede, however, Warren Buffet-owned MidAmerican Energy Holding Co. stepped in and reached a $4.7 billion ($26.50 per share) agreement to buy the company.
EDF says it will continue its search for American partners in its plans to build at least four nuclear reactors in the United States.
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