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Scott Jagow: A power company owned by the French government is making a play for nuclear energy in the U.S. EDF said today it’s bidding on a stake in Constellation Energy. From the European Desk in London, Stephen Beard has more.
Stephen Beard: EDF is offering more than $4 billion for half of Constellation’s nuclear business. This is designed to thwart a rival bid for the whole company from Warren Buffett. It puts a much higher value on Constellation than Buffett’s bid.
EDF is the world’s biggest operator of atomic reactors, and has big ambitions. It’s exceedingly keen to expand in the U.S. After decades of stagnation, nuclear energy is stirring in America.
But EDF has a problem: It’s foreign and government-owned. It could clearly face congressional opposition. EDF’s 50 percent bid is an attempt to edge the French company into the U.S. nuclear market.
In London, this is Stephen Beard for Marketplace.
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