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Media Releases
2008

24 September
2008

Shepherd and Wedderburn acts in takeover of British Energy

Leading UK law firm Shepherd and Wedderburn is advising the Nuclear Liabilities Fund (NLF) in connection with the £12.5 billion offer by French utility giant Electricite de France (EDF) for British Energy Group PLC (British Energy), the UK's only nuclear power generator.

Slaughter and May is advising the Secretary of State for Business, Enterprise and Regulatory Reform (Secretary of State), Clifford Chance is advising British Energy and the Herbert Smith is advising EDF.

The deal sees NLF, at the direction of Secretary of State, John Hutton MP, conditionally undertake to accept EDF's offer in respect of its 35.6% interest in British Energy.

The Board of British Energy has recommended the EDF offer in the context of, amongst other things, HM Government's policy to secure future energy supply, by diversifying the energy generation mix, and to meet the UK's obligations on climate change.

Marian Glen, who is leading the Shepherd and Wedderburn team, said:

'We have been delighted to assist the Nuclear Liabilities Fund in reaching this stage of the transaction, following a period of extensive and detailed consideration by all parties to it. We look forward to providing continued assistance to NLF as the transaction process runs through to its conclusion.

'We have a considerable amount of experience in the Energy Sector and this latest deal further highlights our strength and expertise in the sector.'


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