The French Will Be Allowed to Invade Britain (BRK-A, CEG)

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Platts is reporting this morning that the European Commission released its decision this morning regarding the buyout offer from Electricite de France (EDF) for British Energy Group plc, the UK’s largest nuclear generator of electricity. The offer, worth $23 billion when it was first announced in September, has been approved by the Commission provided that EDF meet certain conditions.

EDF also beat Berkshire Hathaway Holdings (NYSE:BRK.A) in a bid forConstellation Energy (NYSE:CEG). That deal will bring EDF 49.99% ofConstellation for about $6.5 billion.

EDF is spending nearly $30 billion to acquire nuclear power generationin the US and the UK. This is a serious bet on nukes going forward.

Paul Ausick
December 22, 2008