UK Looks At Ways To Remove China’s CGN From Nuclear Project Through Stake Sale- FT
UK Looks At Ways To Remove China’s CGN From Nuclear Project Through Stake Sale- FT
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The British government plans to sell a minority stake in a new nuclear power station to institutional investors or float it on the stock market, to remove China General Nuclear Power Group from the project, the Financial Times reported on Wednesday.
The state-owned Chinese company currently has a 20% stake in the proposed Sizewell C nuclear plant in Suffolk, eastern England, that France’s EDF (EDF.PA) is scheduled to build the 20-billion-pound project with backing from CGN, the report added.
The government is in negotiations to hold the stake until it can be sold on to institutional investors, the newspaper reported, citing people briefed on the situation. Britain is also examining the option to float the stake on the stock market through an initial public offering, it added.
Britain’s business department confirmed to the FT that talks were under way with EDF about the CGN stake.
Sept 29 (Reuters) – The British government plans to sell a minority stake in a new nuclear power station to institutional investors or float it on the stock market, to remove China General Nuclear Power Group from the project, the Financial Times reported on Wednesday.
The state-owned Chinese company currently has a 20% stake in the proposed Sizewell C nuclear plant in Suffolk, eastern England, that France’s EDF (EDF.PA) is scheduled to build the 20-billion-pound project with backing from CGN, the report added.
The government is in negotiations to hold the stake until it can be sold on to institutional investors, the newspaper reported, citing people briefed on the situation. Britain is also examining the option to float the stake on the stock market through an initial public offering, it added.
Britain’s business department confirmed to the FT that talks were under way with EDF about the CGN stake.
“CGN is currently a shareholder in Sizewell C up until the point of the government’s final investment decision. Negotiations are ongoing and no final decision has been taken,” the department told FT.
Government ministers also plan to block CGN’s plans to build a nuclear power station on the east coast at Bradwell-on-Sea in Essex, the report added.
A CGN official reached by Reuters declined to comment. Britain’s Department for Business, Energy and Industrial Strategy, and France’s EDF were not immediately available to Reuters request for comment.Reporting by Aakriti Bhalla in Bengaluru, additional reporting by Dominique Patton in Beijing; Editing by Muralikumar Anantharaman & Simon Cameron-Moore.
