A fierce row broke out between two of the biggest energy companies in France and Britain on Friday after Electricité de France’s planned £12bn (€15bn) bid for British Energy was rejected at the last minute because shareholders said it was too low.

British Energy rejected EDF’s cash offer of 765p a share late on Thursday night, saying that Inv-esco and M&G – which together hold 22 per cent of the company – were not happy with the price.