EDF Energy has welcomed the decision by the Office of Fair Trading (OFT) to give merger clearance to the anticipated acquisition, by Centrica from EDF Group, of a 20% interest in British Energy. The OFT has concluded the transaction will not have an adverse effect on competition in any UK market.
The OFT decision is a key step in completing the proposed transaction but there are still other conditions that need to be met before the deal can be finalised.
The main outstanding step is clearance from the European Commission for EDF's proposed acquisition of Centrica's stake in the Belgian utility SPE, which is an integral part of the overall deal. EDF is currently in discussions with the EC over its formal notification and expects to submit that during the summer, with an anticipated clearance in the coming months.
