Latest Posts

EDF took a euro 1.1 billion stock hit over risks related to planned nuclear reactor construction in the United States, which is a key part of its global strategy amid hopes of a resurgence of nuclear energy. The company’s shares rose slightly, however, on news of the bid for EDF’s distribution networks in Britain. According to EdF, a consortium of Cheung Kong Infrastructure Holdings Ltd, Hongkong Electric Holdings Ltd and the Li Ka-Shing Foundation offered to buy the networks for a total of euro6.9 billion, including debt. The offer would still need approval by EU regulators and shareholders, but analysts expect no major hurdles for the deal.

Li Ka-Shing, 81, left, is East Asia’s richest businessman, with a fortune estimated by Forbes magazine this year at $21 billion. He oversees two Hong Kong conglomerates, Cheung Kong Group and Hutchison Whampoa Ltd., with stakes in Hong Kong real estate and power generation, Russian aluminum producer Rusal and Canada’s Husky Energy. Hutchison operates ports around Europe. The Hong Kong group’s bid could shake up the British energy market and free up EdF funds to build new-generation nuclear reactors. However, new-generation reactors have faced repeated hurdles. (The Daily Record, 7/30/2010)