The contest for control of British Energy is entering its closing stages. Within a month, it should be clear whether EDF, which remains the only potential buyer with an offer on the table, is going to seal the deal or walk away.
The position is deadlocked. British Energy's board has insisted that offers below 735p undervalue the company. EDF has proposed a bid at about 680p a share, and has signalled it may be prepared to go a little over 700p. There are no talks under way to bridge that gap, and the likelihood is growing that the takeover negotiations that began at the beginning of the year will break down without a deal.
