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11 June 2008 - British Energy, the nuclear generator, has rejected the bid approach from EDF and interest from other European groups, saying they do "not represent value for shareholders".

In a statement, it said that although it had been in talks with several companies about a possible takeover, "none of the proposals put forward so far is above the share price at the close of business on Friday 6 June", which was £7.35 ($14.43).

EDF is the only company to have made a recent offer, although its bid, priced between £6.80 and £7.00, is subject to conditions. RWE of Germany made an indicative cash offer of almost £7.00 a share earlier in the year, but has not yet come back with a firm bid.

EDF is resisting the pressure to raise its bid. However, talks between the companies continue and EDF may be forced to take into account the fact that energy prices have risen since the auction process was launched.

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