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CIVIL NUCLEAR
Norway's central bank wants to delay vote on Buffet's bid for Constellation

by Staff Writers
 Oslo (AFP) Dec 17, 2008
 Norway's central bank, one of the biggest shareholders in US group Constellation Energy, called Wednesday for the postponement of an upcoming shareholder vote on US financier Warren Buffet's bid for the group.

The central bank, which owns 4.8 percent of Constellation Energy through its investment management division, has filed a lawsuit in the US state of Maryland to delay the December 23 extraordinary general meeting (EGM), it said in a statement.

The bank said the EGM was premature and did not give shareholders enough time to study a counter-offer from French state-controlled electricity giant EDF.

"We are one of the biggest shareholders and take these necessary steps in order to safeguard our financial interests," said Anne Kvam, the head of the central bank's corporate governance.

MidAmerican Energy, controlled by US financier Warren Buffett, is pursuing a bid for the whole of Constellation Energy worth 4.7 billion dollars. The offer, which has been accepted by Constellation's board, is to be voted on by shareholders on December 23.

But on December 3, EDF said it was ready to pay 4.5 billion dollars (3.53 billion euros) for half of the nuclear activities of Constellation Energy.

"In our opinion, the MidAmerican agreement undervalues Constellation, and we expect the board to work for a solution that offers the highest value opportunity," the Norwegian central bank said.

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CIVIL NUCLEAR
France's EDF agrees 4.5-bln-dlr deal to buy US nuclear assets
 Paris (AFP) Dec 17, 2008
 US energy firm Constellation Energy has accepted a 4.5-billion-dollar (3.15-billion-euro) offer from French giant EDF for a 49.99 percent stake in its nuclear power business, the companies said Wednesday.






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