UPDATE: EDF Readies To Sell Remaining Constellation Shares-Filing
November 23 2010 - 8:06AM
Dow Jones News
French state-controlled energy group Electricite de France SA
(EDF.FR) has taken regulatory steps to sell its 14.6 million
remaining shares in U.S. partner Constellation Energy Group Inc.
(CEG), according to a Constellation filing with the U.S. Securities
and Exchange Commission.
EDF could sell its stake gradually through several transactions,
including sales on the market, at a market or negotiated price,
according to the Constellation filing, which was submitted late
Monday.
EDF currently has a 7.3% stake in Constellation, the filing
said.
An EDF spokeswoman said the French energy giant hasn't decided
definitely to sell the shares, but that the regulatory filing was
necessary to give it the power to do so.
"No decision to sell the Constellation stake has been taken
yet," an EDF spokeswoman told Dow Jones Newswires.
"EDF confirms it has followed the U.S. stock market's regulatory
process to be able to sell all or part of its stake in
Constellation Energy, at market conditions and when it wishes to,
which it couldn't do following the previous December 2008
agreements," EDF said in a statement.
In October EDF and Constellation agreed to end a joint venture
to develop nuclear power plants together after the relationship
soured.
Under the terms of the agreement, EDF said it would transfer
3.85 million Constellation shares to the U.S. company and
relinquish its seat on the Constellation board. Once the transfer
is completed, EDF's stake will be cut to 6.7% from 8.4%. The
agreement also freed EDF from the binding clause forbidding it to
sell its remaining stake.
-By Marion Issard and Angeline Benoit, Dow Jones Newswires; +33
(0)1 40 17 17 40; marion.issard@dowjones.com
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