EDF sells UK assets to HK firm
Source: Xinhua |
September 9, 2010, Thursday
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Print Edition
Print Edition
FRENCH major electricity producer EDF Group approved late Tuesday to sell its UK electricity distribution networks to Cheung Kong Infrastructure Holdings Ltd, saying this would help to cut 6.8 billion euros (US$8.6 billion) in the group's net debt.
EDF's board of directors gave the go-ahead following the Hong Kong-based Cheung Kong group's irrevocable offer on July 29, worth 3.2 billion pounds (US$4.9 billion) in equity.
"This would represent a 6.8 billion euros in net debt reduction for the Group," the EDF said in a statement, adding this also took into account an "estimated cash amount of 100 million pounds (US$154 million) at completion."
The welfare of the "affected employees, pensioners, customers and communities" would be guaranteed over the final stages, the EDF said.
EDF's board of directors gave the go-ahead following the Hong Kong-based Cheung Kong group's irrevocable offer on July 29, worth 3.2 billion pounds (US$4.9 billion) in equity.
"This would represent a 6.8 billion euros in net debt reduction for the Group," the EDF said in a statement, adding this also took into account an "estimated cash amount of 100 million pounds (US$154 million) at completion."
The welfare of the "affected employees, pensioners, customers and communities" would be guaranteed over the final stages, the EDF said.
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