EdF responds to Constellation takeover

BREAKING NEWS Electricité de France (EdF) has submitted a bid for Constellation Energy, rivalling a surprise takeover move made by MidAmerican Energy last week. EDF International already owned 9.5% of Constellation in line with earlier agreements between the companies. Now it said it "believes the MidAmerican transaction does not generate value creation expected by shareholders." The new bid was submitted with Kohlberg Kravis Roberts and TPG Capital and included an element of immediate investment. EdF said in a release that the Constellation board had not yet responded to the offer. MidAmerican placed an offer valuing Constellation at $4.7 billion on 17 September and Constellation filed details of this with the US Securities and Exchange Commission today. EdF's statement did not make clear the value of its rival bid.

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